Atmel (NASDAQ:ATML) Opportunities in Tablets, Smartphones Looks Good

Atmel (NASDAQ:ATML) had their "Strong Buy" rating on them maintained by Needham, citing opportunities in their smartphones and tablets.

Needham said, "Over the past two days, Needham hosted investor meetings in the Midwest with Atmel’s CFO (Stephen Cumming) and Director of Investor Relations (Peter Schuman). Overall investor tone was decidedly bullish, particularly around the opportunity in smartphones and tablets. We expect to hear multiple design win announcements with another Tier 1 smartphone vendor. Moreover, we believe ATML’s non-touch MCU business remains robust, growing on average of ~80% annually over the last several quarters...Our 2010 and 2011 GAAP estimates of $1.62BN/$0.41 and $1.84BN/$0.70, remain unchanged."

Atmel closed Friday at $10.11, down $0.11, or 1.08 percent. Volume for the company was significantly above its 3-month average. Needham has a price target of $13 a share on them. Atmel has a market cap of 4.65 billion.