Morgan Stanley Sees Overall Numbers as Fine for Atmel
In a report published Thursday, Morgan Stanley analyst Craig Hettenbach reiterated an Overweight rating and $10.00 price target on Atmel (NASDAQ: ATML).
In the report, Morgan Stanley noted, “Atmel beat Q1 sales by $11mn, attributed mostly to a faster than expected recovery from its fab production issue. At the same time, its outlook for Q2, which previously assumed recouped sales from lost production, is $5mn below the Street. Altogether, 1H'14 sales are $6mn above expectations. Q1 GM of 44% was in line with the Street, although the outlook of 45.25% for Q2 is 20bp light. That said, Atmel remains committed to reaching 49% GM in Q4'14 and we stress that management's equity incentive comp is tied to this target.”
Atmel closed on Wednesday at $7.77.
Latest Ratings for ATML
|Jun 2015||Morgan Stanley||Maintains||Overweight|
|Jun 2015||SunTrust Robinson Humphrey||Maintains||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.