Marvell (MRVL) Price Target Reduced to $14 at UBS
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Rating Summary:
45 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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UBS maintained a Neutral rating on Marvell (NASDAQ: MRVL) and reduced its price target to $14.00 (from $17.00). The change follows Q2 results and guidance.
Analyst Stephen Chin said, "Marvell's F2Q sales were in line with consensus though better Storage and Networking demand was offset by weakness in 3G cellular SoCs as the market transitions to 4G LTE and due to lower Chinese carrier subsidies for 3G phones. This shift in demand is occurring faster than 4G volumes are ramping for Marvell, leading to the lower than expected outlook. With Qualcomm already having a big presence in the China 4G market and MediaTek ramping into year end, we believe competitive pressures will increase further from here and operating breakeven in the cellular SoC business will remain challenging. Given the uncertainties around the CMU case appeals process, we believe Marvell prudently accumulated more cash in the quarter as it did not repurchase any shares. On a positive note, Marvell's position in SSD SoCs continues to strengthen."
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 $13.64 yesterday.
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