Morgan Stanley Decides to Stay the Course on Atmel Corporation

In a report published Thursday, Morgan Stanley analyst Craig Hettenbach reiterated an Overweight rating and $10.00 price target on

. In the report, Morgan Stanley noted, “Atmel's outlook isn't favorable, due to an unexpected shutdown at its fab (adjusting for this Q1 sales guided in line). This will present a test for the stock, especially since sentiment had turned positive this year. Despite this, our core thesis of MCU share gains and GM expansion is intact.” Atmel Corporation closed on Wednesday at $8.19.