UPDATE: Blaylock Robert Van Raises PT to $9 on Atmel Corporation on Samsung Device Ramp-Up
Blaylock Robert Van maintained its Strong Buy rating on Atmel Corporation (NASDAQ: ATML) and raised its price target from $7 to $9.
Blaylock Robert Van noted, "From our trip, we have learned that Atmel will likely win business back at Samsung Galaxy S IV given that Asian competitor's product is unable to meet performance that Samsung requires. Back to 2011 when Atmel supplied maXTouch to Galaxy SII, Samsung accounted for 6% - 7% of Atmel's total sales. As Samsung is expected to continue to gain shares in the smartphone market, we expect the percentage sales to Samsung to increase in 2013 if Atmel wins Galaxy S IV."
Atmel Corporation closed at $6.86 on Friday.
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