Needham & Company Upgrades Atmel (ATML) to Buy; Gross Margins Set to Expand

February 19, 2013 7:58 AM EST
Get Alerts ATML Hot Sheet
Price: $8.14 --0%

Rating Summary:
    12 Buy, 14 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company upgraded Atmel (NASDAQ: ATML) from Hold to Buy with a price target of $10.00.

The firm is bullish for four fundamental reasons: "1) we believe touchenabled notebook market represents a significant growth engine in the capacitive touch market; 2) GMs should improve substantially in 3Q13/1H14 driving earnings power of $1+ exiting 2014; 3) Galaxy S4 win would add incremental $0.05-0.10 EPS and 4) xSense represents a sizable opportunity and entirely new market where investor expectations still seem muted."

The firm raised FY14 EPS from $0.60 to $0.75.

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 $7.18 yesterday.

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