FBR Capital Upgrades Atmel Corporation

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On Friday, analysts at FBR Capital upgraded shares of Atmel Corporation ATML from Market Perform to Outperform and raised the price target from $8.50 to $9.00.

Christopher Rolland stated, “we believe the nearly 30% sell-off in shares over the past few months, vs the S&P 500 up 2%, adequately discounts the majority of a modest semiconductor downcycle.”

Key Points:

  • Atmel’s midrange touch solutions making a modest comeback.
  • Crypto memory to grow double digits in 2014 and 2015.
  • Gross margins expansion opportunities as the company migrates product onto smaller geometries offered through external manufacturing.

Moreover, Atmel is FBR Capital's favorite takeover candidate, “In our view, Atmel has an excellent MCU product portfolio with just two architectures (AVR and ARM), making it less R&D intensive and a more favorable acquisition candidate.”

Shares of Atmel recently traded at $7.40 up 6.4 percent.

Posted In: UpgradesAnalyst RatingsChristopher RollandFBR Capital
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