Risks to (MU), (ATML), (NVDA), (SNDK) Overblown Says Raymond James

With shares of Micron Technology (MU), Atmel (ATML), Nvidia (NVDA) and SanDisk (SNDK) getting punished because of perceived fears for companies offering tablets based on Google‘s (GOOG) Android software, Raymond James‘s chip analyst Hans Mosesmann said the risks aren't nearly as bad as they appear, and in some cases are relatively non-existent.

Mosesmann says, “the Android tablet theme has been a powerful negative force in the past couple of weeks mainly because there is no way to refute it until more original equipment manufacturers (OEMs) launch Android Honeycomb-based systems and until Apple actually introduces the iPad2.”

Mosesmann also sees little if any threat to Nvidia’s “Tegra 2″ microprocessor from any tablet shortfall, in light of the fact that “the bulk of forecasted demand is coming from smartphones,” not tablets. The same is true for Atmel’s touch controller chips.

Nor is there really much bad news for As for NAND flash chips from Micron and SanDisk, there really isn't much in the way of bad news there either. “On the contrary, it appears to us that the NAND dynamic seems to be shifting more to an undersupply of NAND on the potential strong success of iPad 2 in the second half of 2011,” said Mosesmann.

Atmel, Nvidia, Micron and SanDisk shares are down 17%, 14%, 9% and 5%, since Apple (NASDAQ:AAPL) announced the iPad 2 on March 2nd.

Micron closed Thursday at $9.93, down $0.39, or 3.83 percent. Atmel closed at $11.86, falling $0.66, or 5.27 percent. Nvidia closed at $17.92, down $1.22, or 6.37 percent. SanDisk closed at $44.93, dropping $1.21, or 2.62 percent.