UBS Maintains a 'Buy' on Marvell (MRVL); TD Smartphone Outlook Brightens Further

UBS maintains a 'Buy' on Marvell (NASDAQ: MRVL), raises price target from $18 to $19.50.

UBS analyst says, "Our checks show that as many as 50m TD-SCDMA devices could be shipped in 2012 with 50% as smartphones. From our list attached in the report, Marvell has 16 smartphone wins that will launch next year with eleven OEMs including Samsung, Sony Ericsson (NYSE: SNE)(Nasdaq: ERIC), Motorola (NYSE: MMI), RIM (Nasdaq: RIMM), Huawei and ZTE. These phones are in early phases of ramp, hence we cannot est Marvell’s share, but from the products shown (on display at PT/Comm Expo in Beijing), Marvell commands 70% of the design wins...We increase our F13 TD estimate to 15m from 10m, and compared to 5m in F12, with F13 revenue rising 2% to $4.13bn and EPS up 3% to $1.80."

For more ratings news on Marvell click here and for the rating history of Marvell click here.

Shares of Marvell closed at $15.30 yesterday.

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