Today, from Theflyonthewall, some thoughts that Applied Micro Circuit's (NASDAQ:AMCC) turnaround is underway and investors should jump on board.
AMCC, which designs, develops and markets semiconductors, processors and storage components, saw sequential revenue growth of 4%--the top end of revenue guidance . It also has the highest quarterly bookings level in five years and its new products are providing the premier solution for converged networks.
AMCC management sees 9% sequential growth and customers are becoming more confident with the new product road map.
AMCC also repurchased 12 million shares in the quarter, which is pretty good for a smaller company. Also, in the current reporting quarter, all three businesses---processing, transport and storage--- should be up sequentially.
Management is becoming more confident about the outlook for margin improvement. Historically, when AMCC started reporting good results, investors drove the stock up pretty high. CIBC upgraded the stock this morning with a $4 target price.
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