Jefferies Initiates Coverage On PMC-Sierra With Buy Rating

According to Jefferies, PMC-Sierra PMCS coverage is initiated with a Buy rating. Jefferies said that it is initiating research coverage of PMC-Sierra (PMCS) with a Buy Rating and a $9.50 Price Target. “PMCS has traded at NTM P/Es in the range of 10x to 17x over the last two years, and is currently trading at a P/E of ~11x.” PMC-Sierra closed yesterday at $7.04.