RBC Capital Downgrades Marvell (MRVL) to Sector Perform

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RBC Capital downgraded Marvell (NASDAQ: MRVL) from Outperform to Sector Perform with a price target of $12.00 (from $19.00), following results after the close.

"MRVL is struggling due to softer PC demand (prompting HDD production cuts), slower-than-expected adoption of SSD and hybrid drives (which contain higher dollar content), slowing TD-SCDMA uptake in China (risk to prior market expectation of 30-45mil units in CY12) and competitive pricing behavior in TD-SCDMA (threatening market share opportunity)," analyst Doug Freedman states.

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, with a 52 week range of $10.27-$16.86.

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