UBS Reiterates a 'Buy' on Atmel (ATML); Raising Numbers on Higher Gross Margin; Expect Strong 2H11 Touch Ramp

UBS reiterates a 'Buy' on Atmel (NASDAQ: ATML), raises PT from $18 to $19.

UBS analyst says, "Even as Atmel’s +1-4% q/q 2Q sales guidance was below our +5.9% estimate, the company highlighted expected strong 2H11 touchscreen controller sales growth...For 2Q11, we lower our sales estimate by 1% to $478.1m on lingering inventory rebalancing and a more 2H weighted touchscreen controller revenue profile. On higher than expected gross margin, we raise our 2Q EPS estimate $0.01 to $0.18. For 2011, we raise our sales/EPS estimates by 1%/4% to $1,990m/$0.78, as we raise our sales estimates for both 32-bit microcontrol
l.ers and non-volatile memory."

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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