Nomura Securities Maintains a 'Buy' on Atmel (ATML); Q1 First Look

May 3, 2012 10:05 AM EDT Send to a Friend
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Price: $7.83 +0.13%

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    17 Buy, 7 Hold, 0 Sell

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    Up: 32 | Down: 12 | New: 29
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Nomura Securities maintains a 'Buy' on Atmel (NASDAQ: ATML) price target of $12.00.

Analyst, Sidney Ho, said, "Q1 beat on revenue pull-in; Q2 guide misses. Q1 results of $358mn in revenue and EPS of $0.08 were better than our estimates of $353mn and $0.07, respectively. However, backing out $8mn of revenue that was pulled in from Q2, both revenue and EPS missed. Atmel is guiding Q2 revenue to grow 2-6% QoQ. Adjusting for the revenue pull-in, the mid-point of guidance is +9% vs. our estimate of +12%. Management reiterated full year touch revenue and target to reach 54% gross margin and mid-20% operating margin exiting 2013. Our estimates are under review."

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 $8.99 yesterday.




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