Wedbush Downgrades Atmel (ATML) to Neutral; Inventory Over-Hang & Hazy Visibility To Keep Shares Range-Bound
ATML Hot Sheet
Rating Summary:12 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Wedbush downgraded Atmel (NASDAQ: ATML) from Outperform to Neutral, price target of $11.00.
Wedbush analyst says, "Atmel reported Q4 results largely in-line with expectations following its negative pre announcement on February 3, but provided very muted Q1 guidance well below seasonality, primarily due to softness in its ASIC and memory business. Management noted that even though it entered Q1 with lower backlog, bookings patterns improved in January, with expectations for Q/Q growth to resume in Q2. While we maintain our positive view that the semi cycle has reached the bottom, we think until there is better visibility on the (1) inventory work-through, (2) strength of core microcontroller (MCU) business recovery, and (3) trajectory of maXTouch revenue growth in 2012, that shares of Atmel will likely be range-bound."
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 $10.10 yesterday, with a 52 week range of $7.36-$16.80.
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Wedbush analyst says, "Atmel reported Q4 results largely in-line with expectations following its negative pre announcement on February 3, but provided very muted Q1 guidance well below seasonality, primarily due to softness in its ASIC and memory business. Management noted that even though it entered Q1 with lower backlog, bookings patterns improved in January, with expectations for Q/Q growth to resume in Q2. While we maintain our positive view that the semi cycle has reached the bottom, we think until there is better visibility on the (1) inventory work-through, (2) strength of core microcontroller (MCU) business recovery, and (3) trajectory of maXTouch revenue growth in 2012, that shares of Atmel will likely be range-bound."
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 $10.10 yesterday, with a 52 week range of $7.36-$16.80.
Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!
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