Barclays Maintains an 'Equal Weight' on Marvell (MRVL); Hitachi Share Pull-in Keeps it In-Line
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Price: $11.43 +1.15%
Rating Summary:
11 Buy, 22 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
11 Buy, 22 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade MRVL Now!
Barclays maintains an 'Equal Weight' on Marvell (NASDAQ: MRVL) price target lowered from $15 to $13.
Barclays analyst says, "Marvell delivered slightly better July quarter results as one-time share gains at Hitachi (Renesas supply issues) provided enough to offset slightly weaker business elsewhere. The October revenue guidance was slightly ahead of consensus as well at $940-980M (vs. $958M) driven by surprising strength in WLAN (+20% Q/Q on gaming, printers, DSC) and Networking (+8-9%) which more than offset a flattish HDD business but was offset by lower GM (input costs) yielding a slight cut to our estimates."
"We maintain our rating but are incrementally more cautious as we see increased risks to the January quarter given the elevated gaming builds despite poor sell-through and continued lackluster TD smartphone sales, which are unlikely to offset a further falloff at RIM (Nasdaq: RIMM). Investors with concerns about a weakening trend might use any near-term strength to adjust positions...Our CY11 revenue and EPS move to $3586M and $1.44 (from $3539M and $1.42 prior) and CY12 to $3886M and $1.47 (from $3886M and $1.52 prior)."
For more ratings news on Marvell click here and for the rating history of Marvell click here.
Shares of Marvell closed at $11.97 yesterday, with a 52 week range of $11.23-$22.01.
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Barclays analyst says, "Marvell delivered slightly better July quarter results as one-time share gains at Hitachi (Renesas supply issues) provided enough to offset slightly weaker business elsewhere. The October revenue guidance was slightly ahead of consensus as well at $940-980M (vs. $958M) driven by surprising strength in WLAN (+20% Q/Q on gaming, printers, DSC) and Networking (+8-9%) which more than offset a flattish HDD business but was offset by lower GM (input costs) yielding a slight cut to our estimates."
"We maintain our rating but are incrementally more cautious as we see increased risks to the January quarter given the elevated gaming builds despite poor sell-through and continued lackluster TD smartphone sales, which are unlikely to offset a further falloff at RIM (Nasdaq: RIMM). Investors with concerns about a weakening trend might use any near-term strength to adjust positions...Our CY11 revenue and EPS move to $3586M and $1.44 (from $3539M and $1.42 prior) and CY12 to $3886M and $1.47 (from $3886M and $1.52 prior)."
For more ratings news on Marvell click here and for the rating history of Marvell click here.
Shares of Marvell closed at $11.97 yesterday, with a 52 week range of $11.23-$22.01.
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