Zacks Investment Research upgraded shares of Applied Micro Circuits Corp. (AMCC) from UNDERPERFORM to NEUTRAL on April 25, 2014, with a target price of $10.00.
Applied Micro reported strong fourth quarter fiscal 2014 results with a healthy year-over-year increase in earnings. We believe that Applied Micro is well positioned to grow its market share based on its diversified product offerings, such as X-Gene and X-Weave products. In addition, the company's strong associations with renowned server OEMs are expected to augment its business going forward. However, the competitive strides in the industry are likely to have a detrimental impact on its businesses. Management is also concerned about the macroeconomic challenges. Nevertheless, we maintain our long-term Neutral recommendation for the stock.
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