UPDATE: Goldman Sachs Downgrades Atmel to Neutral On Limited Visibility
Goldman Sachs reduced its rating on Atmel Corporation (NASDAQ: ATML) from Buy to Neutral an reduced its price target to $6.50.
Goldman Sachs commented, "We have been wrong on the stock and believe there is limited visibility into Atmel's fundamental recovery post two disappointing quarters: (1) A recovery in the core MCU business has likely been pushed into 2013 given a pause in the cyclical recovery in industrial/automotive post a significant distributor inventory correction. (2) Price pressure and share loss in smartphone touch controllers is more than offsetting unit growth, and Windows tablets are an unproven opportunity."
Atmel Corporation closed at $5.74 on Monday.
Latest Ratings for ATML
|Jan 2016||SunTrust Robinson Humphrey||Maintains||Neutral|
|Jan 2016||Raymond James||Downgrades||Outperform||Market Perform|
|Oct 2015||Canaccord Genuity|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.