Goldman Sachs Raises Price Target on Atmel (ATML) Despite Lackluster Q4 and Weak Q1 Guidance
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Price: $8.14 --0%
Rating Summary:
9 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 20
Rating Summary:
9 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 20
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Goldman Sachs raised its price target on Atmel (NASDAQ: ATML) from $10 to $12 following Q4 results and weak Q1 guidance. The firm maintained a Buy rating.
The firm said they would view any pullback in ATML as a an even stronger entry point.
"We believe that Atmel is seeing a continued customer inventory correction that is essentially in line with peers, plus an additional impact from a pricing reset in the touch control business," the analyst said. "Going forward, we expect a large number of new smartphone and tablet product introductions in 2Q and 3Q to drive a recovery in the touch business, in addition to the start of touch-based Windows 8 notebook PC shipments by 4Q12."
Goldman lowered 2012E EPS to $0.45 from $0.60 on lower sales/margins, 2013E is unchanged at $0.80, and introduce 2014E at $0.90.
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 $10.10 yesterday.
The firm said they would view any pullback in ATML as a an even stronger entry point.
"We believe that Atmel is seeing a continued customer inventory correction that is essentially in line with peers, plus an additional impact from a pricing reset in the touch control business," the analyst said. "Going forward, we expect a large number of new smartphone and tablet product introductions in 2Q and 3Q to drive a recovery in the touch business, in addition to the start of touch-based Windows 8 notebook PC shipments by 4Q12."
Goldman lowered 2012E EPS to $0.45 from $0.60 on lower sales/margins, 2013E is unchanged at $0.80, and introduce 2014E at $0.90.
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 $10.10 yesterday.
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