UPDATE: Wedbush Lowers PT on Atmel to $15

Wedbush is out with its report today on Atmel ATML, lowering its PT from $17 to $15. In its report, Wedbush writes, "Although we maintain our long-term constructive view on Atmel due to its strong position to benefit from the secular tailwind of mobile connectivity, in the near-term, we remain cautious due to Atmel's high exposure to the slowing industrial market, our new sense of watchfulness on the Q/Q increase to inventory levels, and the ability of Atmel to see meaningful revenue growth outside of maXTouch, particularly core MCUs. We are lowering our PT to $15 from $17 and recommend investors wait for a better entry point to add to their positions." Wedbush maintains Outperform on ATML. At the time of posting, shares of ATML were trading pre-market at $11.45, down 3.70% from Wednesday's close.