Nomura Securities Maintains a 'Reduce' on Marvell (MRVL); Cutting Estimates & PT After Q2 Review

August 17, 2012 8:34 AM EDT
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Price: $14.16 -0.42%

Rating Summary:
    17 Buy, 21 Hold, 6 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Nomura Securities maintains a 'Reduce' on Marvell (NASDAQ: MRVL) price target of $11.00 (from $13.00).

Analyst, Romit Shah, said, "F2Q review; weak quarter/guide, maintain Reduce. Marvell reported F2Q (Jul) revenue and EPS of $816mn/$0.18 (incl. ESO), lower than our estimates of $865mn/$0.23. F3Q revenue guide of up $824m (-2% to +4%) was well below our estimate of $921m, primarily driven by Mobile and Wireless. We are reducing our CY12 estimates from $3.5bn/$0.99 to $3.3bn/$0.76 and CY13 estimates from $3.9bn/ $1.25bn to $3.7bn/ $1.00...The company has $4 in net cash per share."

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 $12.28 yesterday.

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