Jefferies Reiterates Buy On PMCS

Jefferies has issued a report reiterating the Buy Rating on PMC-Sierra PMCS. According to the report, "Reiterate Buy Rating and $9.50 PT. PMCS delivered a Q2 revenue and EPS beat, driven by better than expected shipments of its SAS/SAS-2 storage products into the Cloud/Data Center, which we believe is undergoing a massive upgrade. We also believe PMCS is well positioned to grow its mobile backhaul (Wintegra) revenues as LTE deployments increase over the next 6-to-12 months." PMCS has a $9.50 Price Target and closed at $7.28 a share yesterday.