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

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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, with a 52 week range of $4.37-$10.74.

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