PMC-Sierra (PMCS) PT, Estimates Trimmed at Northland Capital Markets

Northland Capital Markets analyst Gus Richard trimmed his price target on PMC-Sierra (NASDAQ: PMCS) to $12.00 (from $12.50) following in-line Q1 results but maintained an Outperform rating.

Richard commented, "PMCS reported in-line with our estimates and a penny better than consensus. EPS was $0.10 on $133.1M versus our estimate of $0.10 on $134.4M. The slight miss to the top line was offset by lower than expected R&D expenses. Revenue guidance was bit light as the company is impacted by Telecom pause in China and inventory correction in storage. PMCS tight opex control resulting in minor impact to our EPS estimates on lower revenue. We trim our estimates slightly and lower PT from $12.50 to $12.00."

The firm lowered Q2 EPS from $0.12 to $0.11, FY 2015 EPS from $0.50 to $0.49 and FY 2016 EPS from $0.62 to $0.60.

For an analyst ratings summary and ratings history on PMC-Sierra click here. For more ratings news on PMC-Sierra click here.

Shares of PMC-Sierra closed at $8.86 yesterday.

You May Also Be Interested In

• EasyJet Plc. (EZJ:LN) (ESYJY) PT Raised to GBP750 at BofA Securities
• Jefferies Downgrades ULTA Salon (ULTA) to Hold, 'Competition Intensifying & Prestige Refresh Needed'
• Ally Financial (ALLY) PT Raised to $43 at TD Cowen