Canaccord Genuity Reiterates a 'Buy' on Atmel (ATML); Dramatic Upside with Potential for More as maXTouch Guidance Increases

May 5, 2011 11:48 AM EDT Send to a Friend
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Price: $7.79 +1.70%

Rating Summary:
    18 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 41
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Canaccord Genuity reiterates a 'Buy' on Atmel (NASDAQ: ATML), PT $20.

Canaccord analyst says, "We reiterate our rating and price target on shares of Atmel following a big beat and raise last night. While the bears may focus on inventory growth and sequential “noise” for touch revenues, we believe management is credible when calling for strong H2 growth on continuing MCU and touch momentum. Importantly, increased 2011 touch guidance (up from roughly $280M to greater than $300M) looks conservative considering the expected portion from tablets is unchanged from an excessively cautious ~$30M to $45M."

For more ratings news on Atmel click here and for the rating history of Atmel click here.

Shares of Atmel closed at $14.75 yesterday.


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