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Atmel: FBR Ups to Buy After Microchip Warning Discounted Good Semis
[at Barrons.com] - Shares of microcontroller vendor Atmel (ATML) are up 36 cents, or 5.2%, at $7.31, pre-market, after FBR & Co.’s Christopher Rolland this morning wrote that he was “taking advantage of Microchipsaw” — an obvious reference to the warning from Microchip Technologies (MCHP) three weeks ago that freaked out chip investors — to raise Atmel to an Outperform rating, with a $9 price target, from a prior Market Perform and $8.50 target. It turns out Microchip’s warning that it was seeing early signs of a big chip industry correction were overblown, he argues: While we were concerned by Microchip comments in its pre announcement the prior language appears to have overstated the magnitude of the downcycle, as 4Q14 revenue was guided to be only “slightly weaker than seasonal.” Rolland writes that he has always liked the business, and now it’s selling at a discount: While we always appreciated the quality of the company’s core MCU business, valuation kept us sidelined.
Today 07:39 AM

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