CALDEIRÃO DE BOLSA

Atmel (ATML) : Deutsche Securities downgrades Hold to SELL . Target $3. Deutsche Bank downgrades Atmel, as they still see downside. After reaching $3.00 in late Oct, ATML crested close to $4.00 in late Dec. Firm believes that even with the recent slide, ATML still has over 15% downside to its recent Oct. trough. Firm also believes that consensus numbers are too high for C05E and expects numbers to contract, adding pressure on the stock. Expects negative pricing trends to contract margins for ATML and with an estimated 50% of costs being Euro-denominated, the margin outlook is increasingly challenged given the steady Euro/$US appreciation of recent months