Atmel (ATML) May Be Near Cyclical Bottom - Canaccord Genuity
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Price: $7.38 -1.47%
Rating Summary:
16 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
16 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade ATML Now!
Atmel Corp (NASDAQ: ATML) is down nearly 13 percent Thursday following in-line fourth quarter results, but first quarter revenue guidance that was below the Street. Specifically, the company sees Q1 revenues of $311-$328 million, which was below the consensus of $332.8 million.
However, analyst at Canaccord Genuity see today's weakness as a buying opportunity considering TAM expansion into large screens with the ramp of Win 8 where Atmel has dominant share of design wins.
"With management corroborating our view that recent trends indicate a cyclical bottom, we believe there will be opportunities to increase our estimates in coming quarters as a cyclical recovery commences in Q2 and large screen touch demand accelerates in H2/13," analyst Bobby Burleson states.
The firm lowered estimates on Q1 seasonality and what may prove to be cautious guidance based on higher turns requirement. However, the firm reiterated their Buy rating and raised their price target from $8 to $9.
For an analyst ratings summary and ratings history on Atmel click here. For more ratings news on Atmel click here.
Shares of Atmel closed at $7.14 yesterday, with a 52 week range of $4.37-$10.74.
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However, analyst at Canaccord Genuity see today's weakness as a buying opportunity considering TAM expansion into large screens with the ramp of Win 8 where Atmel has dominant share of design wins.
"With management corroborating our view that recent trends indicate a cyclical bottom, we believe there will be opportunities to increase our estimates in coming quarters as a cyclical recovery commences in Q2 and large screen touch demand accelerates in H2/13," analyst Bobby Burleson states.
The firm lowered estimates on Q1 seasonality and what may prove to be cautious guidance based on higher turns requirement. However, the firm reiterated their Buy rating and raised their price target from $8 to $9.
For an analyst ratings summary and ratings history on Atmel click here. For more ratings news on Atmel click here.
Shares of Atmel closed at $7.14 yesterday, with a 52 week range of $4.37-$10.74.
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