Zacks Investment Research upgraded shares of Atmel Corporation (ATML) from NEUTRAL to OUTPERFORM on January 14, 2013, with a target price of $8.50.
Atmel reported strong third quarter results with healthy earnings that exceeded the Zacks Consensus Estimate. The company is investing more in its core microcontroller business to augment its margins and overall growth going forward. Fast-growing touch-sensing technology is one of the major growth drivers for Atmel's microcontroller business. The company's strong relationships with Nokia, Motorola, HTC and Samsung are also expected to bolster its business in future. However, the company's high inventory level along with foreign exchange rate risk may negatively affect its financial results in coming quarters. We are changing our long-term recommendation on the stock from Neutral to Outperform based on the long-term growth perspective.
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