Needham & Company Maintains a 'Strong Buy' on Atmel (ATML); Lowering Estimates on N-T Auto Concerns Post-Microchip’s (MCHP) Negative Preannouncement

Needham & Company maintains a 'Strong Buy' on Atmel (NASDAQ: ATML), PT $20.

Needham analyst said, "We are lowering our estimates on ATML following Microchip’s negative preannouncement. Microchip Tech (Nasdaq: MCHP) (N/R) experienced significant weakness in the automotive sector due to lower automotive production activities resulting from the Japanese earthquake/tsunami. In addition, MCHP saw end demand weakness in computing and consumer...We are reducing our June and Sept GAAP estimates to $463.5MM/$0.17 (flat Q/Q) versus $473.5MM/$0.18 and $487.1MM/$0.20 (+ 5% Q/Q) versus $504.7MM/$0.21. Our 2011 GAAP estimates move to $1.93BN/$0.75 versus $1.970BN/$0.76. Our 2012 estimates of $2.2BN/$0.99, remain unchanged."

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

Shares of Atmel closed at $13.88 yesterday.

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