Morgan Stanley Sees Overall Numbers as Fine for Atmel

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

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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.