Evercore Group Has Continued Positive Outlook On Applied Micro Circuits

In a report published Thursday, Evercore Group analyst Michael Lucarelli reiterated an Overweight rating and $13.00 price target on Applied Micro Circuits (NASDAQ: AMCC).

In the report, Evercore Group noted, “We hosted meetings the past two days with Doug Ahrens, CFO, and Traci Tsuchiguchi, IR, of Applied Micro (APM). Our thesis remains unchanged that the time to own APM for X-Gene (XG) is over the next 12-18mo when it is the only custom silicon shipping in the market. We look forward to ARM Tech Con (Oct 1-3) where APM plans to host an event in conjunction with the conference.”

Applied Micro Circuits closed on Wednesday at $8.37.