FBR Capital Maintains a 'Market Perform' on Atmel (ATML); Robust Results and Guidance as Story Seems to Have Legs

FBR Capital maintains a 'Market Perform' on Atmel (NASDAQ: ATML), PT $17.
FBR analyst says, "We could look to get more constructive on shares of ATML at a time and a price that we are comfortable with, likely closer to $12–$13. Indeed, Atmel should continue to gain share in microcontrollers (MCU) and touchscreen controllers, with Atmel nicely exposed to the most favorable end markets of industrial, automotive, and smartphones/tablets. While shares could fall near term if macro risks heat up, or if momentum investors move out of the name, we would view a pullback to $12 as an attractive price given Atmel's likely revenue and earnings growth in coming years, its broadbased MCU portfolio, winning AVR architecture, meaningfully increasing R&D investments, and strength in its maXTouch market position."

For more ratings news on Atmel click here and for the rating history of Atmel click here.

Shares of Atmel closed at $14.75 yesterday.

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