Goldman Maintains Neutral on Marvell (MRVL), Notes Increasing Competition

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Goldman Sachs today maintained a Neutral rating on Marvell (NASDAQ: MRVL) and raised its price target to $10.50 (from $9.50). Yesterday Marvell reported Q4 results and guidance that pleased investors.

Commenting on the developments, analyst James Schneider said, "Marvell delivered a strong quarter and outlook despite ongoing market weakness in PCs and networking."

"Marvell continues to execute very well on capital allocation, and in its networking business, which outperformed peers in 2012.However, we remain Neutral on the stock as we believe the company's long term growth prospects remain limited. Specifically, we believe sustainable growth in wireless will remain challenged given increasing competition in low-end and mid-range smartphones," conclude the analyst.

For an analyst ratings summary and ratings history on Marvell click here. For more ratings news on Marvell click here.

Shares of Marvell closed at $9.47 yesterday, with a 52 week range of $6.98-$16.35.

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