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Fly News Breaks for March 5, 2015
NXPI, FSL, ATML
Mar 5, 2015 | 08:53 EDT
Goldman raised its view of the likelihood of an M&A deal for Atmel (ATML) to 30%-50% from 15%-30% after the merger of Freescale (FSL) and NXP Semiconductors (NXPI), noting it believes that deal illustrates the potential value of Atmel's MCU assets. Goldman calculated Atmel could be valued at $10-$13 per share in a takeout scenario if the EV/EBITDA valuation used in Freescale's deal is used. The firm raised its price target on Atmel to $8.50 from $7.50, citing the potential for a strategic deal, but maintained its Neutral rating on shares due to the firm's cautious view on Atmel's revenue and EPS growth in 2015.
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