UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Atmel Corporation on Good Market Position

In a report published Tuesday, Morgan Stanley analyst Craig Hettenbach reiterated an Overweight rating on Atmel Corporation ATML, but removed the $10.00 price target. In the report, Morgan Stanley noted, “We continue to think Atmel is well positioned to benefit from a pick-up in IoT through its family of Integrated MCU + Connectivity products. The company is leveraging 8- and 32-bit low power MCUs, Sensor Hub, and software tools to drive incremental sales into IoT based products in applications such as Smart Lightning and Home Automation. We remain Overweight the stock on the thesis of share gains in MCUs, new growth opportunities in wireless connectivity and compelling operating leverage (OMs19% points below peak).” Atmel Corporation closed on Monday at $9.29.