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Analysts at Morgan Stanley boosted their price target on shares of Atmel (NASDAQ:ATML) to $10.00 in a research report issued to clients and investors on Tuesday. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 7.64% from the company’s current price.

The analysts wrote, “We continue to think Atmel is well positioned to benefit from a pick-up in IoT through its family of Integrated MCU + Connectivity products. The company is leveraging 8- and 32-bit low power MCUs, Sensor Hub, and software tools to drive incremental sales into IoT based products in applications such as Smart Lightning and Home Automation. We remain Overweight the stock on the thesis of share gains in MCUs, new growth opportunities in wireless connectivity and compelling operating leverage (OMs19% points below peak).”

ATML has been the subject of a number of other recent research reports. Analysts at Imperial Capital raised their price target on shares of Atmel from $10.00 to $11.00 in a research note on Monday. They now have an “outperform” rating on the stock. Separately, analysts at Feltl & Co. downgraded shares of Atmel from a “buy” rating to a “hold” rating in a research note on Monday, June 23rd. They now have a $8.50 price target on the stock, down previously from $9.00. Finally, analysts at Dougherty & Co initiated coverage on shares of Atmel in a research note on Thursday, June 19th. They set a “buy” rating and a $11.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Atmel currently has a consensus rating of “Hold” and an average target price of $9.20.

Shares of Atmel (NASDAQ:ATML) traded down 1.72% during mid-day trading on Tuesday, hitting $9.13. 1,247,391 shares of the company’s stock traded hands. Atmel has a 52 week low of $6.45 and a 52 week high of $9.76. The stock has a 50-day moving average of $8.85 and a 200-day moving average of $8.28. The company has a market cap of $3.843 billion and a price-to-earnings ratio of 142.92. Atmel also was the recipient of some unusual options trading on Monday. Traders purchased 13,132 call options on the company. This is an increase of 249% compared to the average daily volume of 3,767 call options.

Atmel (NASDAQ:ATML) last announced its earnings results on Wednesday, April 30th. The company reported $0.07 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.06 by $0.01. The company had revenue of $337.40 million for the quarter, compared to the consensus estimate of $325.70 million. Analysts expect that Atmel will post $0.44 EPS for the current fiscal year.

Atmel Corporation (NASDAQ:ATML) is engaged in designing, developing and supplying of microcontrollers.

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