Goldman Sachs Upgrades Atmel (ATML) to Buy

Goldman Sachs upgraded Atmel (NASDAQ: ATML) from Neutral to Buy with a price target of $10, saying they expect the stock and fundamentals to outperform in 2012.

The firm cited: (1) Continued market share gains in Atmel’s core microcontroller (MCU) business, which we believe are sustainable, (2) higher normalized earnings power over time, with Atmel’s gross margins to expand in the near term from a cyclical recovery and over the longer term from richer product mix, and (3) solid growth in touch controllers despite intensifying competition.

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 $8.10 yesterday.

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