FBR Capital Markets Reiterates “Top Pick” Rating for Atmel Corp. (ATML)
Atmel Corp. (NASDAQ:ATML)‘s stock had its “top pick” rating reaffirmed by FBR Capital Markets in a research note issued on Wednesday, AnalystRatings.Net reports.
The analysts wrote, “Importantly, we think PC touch attach rates are finally rising, evidenced by a substantial number of new touch PC designs at Sony, Lenovo, Asus, and Samsung launching in 4Q13/1Q14. In addition to notebook PCs, maXTouch, we understand, will be designed into a number of convertible Bay Trail PCs coming to market over the next few quarters. We believe PC touch is an essential part of the ATML story, as it provides an extremely profitable source of incremental earnings. Overall, we think the Street underestimates all, or a portion, of the following: (1) new sensor hub opportunities; (2) a strong cyclical recovery in the core MCU business, also benefiting the ASIC and RF units; (3) Win8 touch PC wins; and (4) growing XSense demand in late 2013 and, more importantly, in 2014.”
A number of other analysts have also recently weighed in on ATML. Analysts at Morgan Stanley initiated coverage on shares of Atmel Corp. in a research note to investors on Friday, August 16th. They set an “overweight” rating on the stock. Separately, analysts at Thomson Reuters/Verus upgraded shares of Atmel Corp. from a “hold” rating to a “buy” rating in a research note to investors on Monday, August 12th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Atmel Corp. in a research note to investors on Thursday, August 8th. They now have a $7.75 price target on the stock. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Atmel Corp. has an average rating of “Buy” and an average price target of $8.34.
Atmel Corp. (NASDAQ:ATML) traded up 0.21% during mid-day trading on Wednesday, hitting $7.005. 5,541,798 shares of the company’s stock traded hands. Atmel Corp. has a 52-week low of $4.37 and a 52-week high of $8.40. The stock’s 50-day moving average is $7.49 and its 200-day moving average is $7.31. The company’s market cap is $2.995 billion.
Atmel Corp. (NASDAQ:ATML) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.06 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.06. The company had revenue of $347.80 million for the quarter, compared to the consensus estimate of $346.94 million. During the same quarter last year, the company posted $0.08 earnings per share. Atmel Corp.’s revenue was down 5.5% compared to the same quarter last year. Analysts expect that Atmel Corp. will post $0.29 EPS for the current fiscal year.
Atmel Corporation (NASDAQ:ATML) is engaged in designing, developing and supplying of microcontrollers.
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