Atmel Corporation’s (ATML) top-line growth continues to accelerate, driven by solid growth in 8-bit and 32-bit micron rollers and touch-sensing products.
There are a number of positives associated with Atmel’s ongoing restructuring. The program includes selling four noncore wafer fabrication operations, consolidating or eliminating fourteen product lines and reducing the workforce by nearly 35%. We expect meaningful results from these actions later this year.
Atmel has a growing microcontrollers business that should contribute to the company’s top-line growth going forward. In anticipation of strong results in 2010, we raise our estimates and reiterate our Outperform rating on the stock.
ATMEL CORP (ATML): Free Stock Analysis Report
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