Needham & Company Retains Bullish Views on Atmel Corp. (ATML) Amid Q1

Needham & Company maintained a Buy rating on Atmel Corp. (NASDAQ: ATML) with a price target set at $11. ATML 1Q results showed roughly in-line results, and they released light guidance, as FX rates continue to have an effect on business.

Needham & Company analyst, Rajvindra S. Gill, Commented on ATML, saying, "While we would note this is the second consecutive quarter of weak revenue guidance, we are impressed with the company's continued LT profitability improvement against the backdrop of a weak industry environment and unfavorable FX conditions. While our estimates come down, we continue to expect >20% EPS growth each of the next two years as ATML continues to mask its sluggish top-line with OpEx and GM% improvements. Long term, we see ATML as one of the industry's strongest IoT plays due to its comprehensive suite of MCUs, connectivity, and broad customer distribution channel. Maintain Buy, $11PT."

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 $7.54 yesterday.

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