Canaccord Genuity Reiterates a 'Buy' on Atmel (ATML); Decent Growth ex-European Impact of ASIC

Canaccord Genuity reiterates a 'Buy' on Atmel (NASDAQ: ATML) price target of $8.00 (from $13.00).

Analyst, Bobby Burleson, said, "Reiterate BUY despite flat outlook versus 8% Q/Q consensus expectations, as touch resumes Q/Q growth through back half. "Decent growth" would have emerged if it wasn't for European impact on ASIC business. We believe our $8 target is supported by valuation, while sentiment should improve on looming compute-centric product cycle with Win 8 (Nasdaq: MSFT) launch. Opex controls may offer additional leverage."

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 $5.86 yesterday.

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