Mizuho Securities Starts PMC-Sierra (PMCS) at Buy

Mizuho Securities initiates coverage on PMC-Sierra (NASDAQ: PMCS) with a Buy rating and a price target of $14.00.

Analyst Vijay Rakesh commented, "We believe with some of the legacy non-core market declines now mostly behind it (now below 5% of revenue), PMCS can start to show Y/Y growth. We believe PMCS should see strong growth in storage with datacenter, 12Gb SAS and new NVMe controllers. Also, the mobile basestation market should drive another leg of growth. PMCS' repurchase plan in place, attractive 70% gross margin structure, revenue turnaround and no debt could make PMCS attractive in the continuing semiconductor industry consolidation."

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 $7.87 yesterday.

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