Canaccord Genuity Maintains a 'Buy' on Atmel (ATML); Accumulate Shares Ahead of Kindle Fire Refresh

Canaccord Genuity maintains a 'Buy' on Atmel (NASDAQ: ATML) price target of $31.00.

Analyst, Bobby Burleson, said, "We remain BUY rated on ATML ahead a mid-year Kindle Fire 7” (Nasdaq: AMZN) refresh and likely introduction of a new model with larger screen (we expect ATML to have at least one of these wins), as well as the ramp of Win8, which should be accompanied by a huge marketing push. While potential for Kindle Fire win supports shares, ATML has become a “show me” story due to pricing pressure for touch, with investors likely to warm to shares during, rather than before, the start of an H2 recovery. Longer term, looming TAM expansion in 2013 from touch uptake in ultrabooks/ultrathins and the roll out of xSense, a vertically integrated solution intended to stabilize ASPs, should keep the story interesting, fuel growth, and offer upside to estimates."

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 $8.99 yesterday.

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