Zacks Investment Research upgraded shares of APPLIED MICRO CIRCUITS CORPORATION (AMCC) from UNDERPERFORM to NEUTRAL on July 13, 2012, with a target price of $5.25.
Earnings estimates for Applied Micro have gone down significantly in the last three months after the company reported disappointing results for the fourth quarter of fiscal 2012 and a bleak outlook. The company's poor performance in the final fiscal quarter of 2012 did not come as a surprise to management. Applied Micro was quite prescient of the clouded fiscal scenario, which was largely responsible for deteriorating the company's performances in the economy. However, a substantial degree of product innovations implemented during the quarter should improve performance in future. Hence, we upgrade our recommendation to Neutral from Underperform.
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