Risks Push Feltl and Company To Downgrade Atmel To Hold; Reduces PT To $8.50
In a research note issued today, Feltl and Company analyst Jeffrey Schreiner maintained a Hold rating on Atmel Corporation (ATML) and reduced his price target to $8.50 (from $9.00).
Schreiner explained,“We believe risks may currently outweigh upside opportunities in key ATML growth catalysts. We believe risks to future growth may exist within ATML’s leading end market, Industrial, while opportunities for resurgence within smartphone ICs could be limited. And we believe the majority of gross margin (GM) enhancements will likely be utilized by 4Q14. Given our concerns for the potential future impact of current growth drivers we are stepping to the sidelines awaiting new growth catalysts or better valuation opportunities”.
According to TipRanks.com, which measures analysts and bloggers success rate based on how their calls perform, analyst Jeffrey Schreiner currently has an average return of 4.8% and a 57% success rate. He is ranked #1117 out of 3123 analysts.