UPDATE: Rodman & Renshaw Lowers PT to $12 on Atmel

A report from Rodman & Renshaw reiterates its Market Outperform rating and lowers its price target from $15 to $12 on Atmel (NASDAQ: ATML).

The report states, “We believe the sequential growth in maxTouch could offset the weakness in rest of the business – microcontrollers and automotive. With weaker sell-through, both direct and indirect, we expect the Company to take down fab utilization in order to work down inventories to more normalized levels. This in turn will likely have an adverse impact on margins near term."

ATML closed yesterday at $10.29.