Analyst Give Applied Micro (AMCC) Pat on the Back, Still Not Buy

Commenting on Applied Micro Circuits (NASDAQ: AMCC) quarterly earnings report, Oppenheimer analyst Rick Schafer said "We applaud management's solid execution in the face of a tough macro backdrop."

Going forward, Schafer said "F3Q top-line outlook appears conservative with 81% booked to-date. Channel inventories dropped 15 days to a lean 51 and AMCC's internal inventories declined 33 days to 85."

Before becoming more constructive on shares, Schafer would like to see sustained execution and a clearer path to profitability.

Oppenheimer has a Perform rating on Applied Micro Circuits.

For an analyst ratings summary and ratings history on Applied Micro Circuits click here. For more ratings news on Applied Micro Circuits click here.

Shares of Applied Micro Circuits closed at $4.54 yesterday.

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