UPDATE: Bank Of America Downgrades Atmel On 'Muted Growth Prospects'
In a note published Thursday morning, Bank of America analyst Vivek Arya downgraded shares of Amtel (NASDAQ: ATML) from Buy to Neutral and lowered the price target from $10 to $9.
Looking forward, Arya noted concerns regarding:
- Continued volatility from smartphones/tablet touch IC
- Inconsistent results and guidance compared to Street expectations
- Limited probability of accelerating buyback or initiating a dividend
- Limited room for multiple expansion
- A higher 2016 tax-rate which could constrain EPS growth
In conjunction with the downgrade, Arya has lowered his pro-forma EPS estimates for 2014-2016 from $0.42, $0.61, and $0.67 to $0.39, $0.58, and $0.60.
Latest Ratings for ATML
|Dec 2014||Bank of America||Downgrades||Neutral||Underperform|
|Oct 2014||FBR Capital||Upgrades||Market Perform||Outperform|
|Aug 2014||Imperial Capital||Maintains||Outperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.