Deutsche Bank Downgrades Marvell Technology (MRVL) to Hold
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Deutsche Bank downgrades Marvell Technology (Nasdaq: MRVL) from Buy to Hold, saying no near-term upside likely.
Commenting on Marvell Technology, the firm said, "Following checks with industry contacts, we believe Marvell's is not likely to see significant upside in the next 6 months, both due to weakness in Europe and Asia, as well as slower-than-expected product ramps at RIMM (Nasdaq: RIMM) and STX (NYSE: STX). While we recognize that the company detailed some of these issues in their recent conference call, we still believe that it is prudent to move to the sidelines given estimates could get cut into FQ4."
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