PMC-Sierra (NASDAQ:PMCS) shares were sharply higher Friday morning after the company Thursday night reported revenue for the second quarter of $104.7 million, or $108.9 million before an adjustment related to the accounting of sales through one of its distributors. On that basis, the company has previously projected revenue of $106 million to $109 million.
On its conference call after the earnings announcement, the semiconductor maker projected third quarter revenue of $112 million to $115 million; the Street has been at $113 million.
Stifel Nicolaus analyst Cody Acree Friday morning repeated his Buy rating on the stock and raised his price target to $11 from $10:
PMCS’s 2Q report echoed the improving trends we’ve seen from many of its industry peers with the company enjoying growth in all of its primary markets, delivering a modest 2Q revenue upside, in-line earnings and guidance for 3Q sales and margin trends to be in line with expectations.
PMCS 1-yr chart: