Wedbush Cuts Price Target & Estimates on Atmel (ATML) Following Distribution Checks
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Price: $8.14 --0%
Rating Summary:
9 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is maintaining its Outperform rating on shares of Atmel (NASDAQ: ATML) while lowering its price target from $15 to $13.
Following industry distribution checks, the firm has concerns that the company's microcontroller and non-Volatile memory business is being affected by the challenging macro economy.
Distribution is estimated to made up over 60 percent of the company's total revenue in the second quarter. Wedbush notes that the weak volumes are off setting the rise in demand for maXTouch.
To go inline with recent market checks and industry trends, Wedbush is reducing its Q3 and FY11 EPS estimates from $0.19 and $0.74 to $0.17 and $0.69. Revenue for the quarter and year was also lowered slightly to $466.3 million and $1.87 billion.
For 2012, the firm is now forecasting EPS of $0.65 with $1.88 billion in revenue, down from its previous prediction of $0.7 and $2 billion.
For more ratings news on Atmel click here and for the rating history of Atmel click here.
Shares of Atmel closed at $9.48 yesterday.
Following industry distribution checks, the firm has concerns that the company's microcontroller and non-Volatile memory business is being affected by the challenging macro economy.
Distribution is estimated to made up over 60 percent of the company's total revenue in the second quarter. Wedbush notes that the weak volumes are off setting the rise in demand for maXTouch.
To go inline with recent market checks and industry trends, Wedbush is reducing its Q3 and FY11 EPS estimates from $0.19 and $0.74 to $0.17 and $0.69. Revenue for the quarter and year was also lowered slightly to $466.3 million and $1.87 billion.
For 2012, the firm is now forecasting EPS of $0.65 with $1.88 billion in revenue, down from its previous prediction of $0.7 and $2 billion.
For more ratings news on Atmel click here and for the rating history of Atmel click here.
Shares of Atmel closed at $9.48 yesterday.
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