UPDATE: Wunderlich Initiates Applied Micro Circuits at Buy

Wunderlich is out with its report today on Applied Micro Circuits AMCC, initiating AMCC at Buy. In its report, Wunderlich writes, "We are initiating coverage of Applied Micro Circuits Corporation with a Buy rating and $8 price target. APM provides transport and processing solutions for enterprise, data center, telecom, and consumer systems. The company has undergone significant changes over the past two years under a new CEO and we believe this has positioned the company for a more sustainable revenue growth path going forward, despite near-term headwinds the company has been facing." Shares of AMCC closed Thursday at $5.41.
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