UPDATE: Canaccord Genuity Downgrades Marvell (MRVL) to Hold, Storage and Mobile Headwinds
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Price: $11.36 -1.98%
Rating Summary:
11 Buy, 22 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
11 Buy, 22 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade MRVL Now!
(Updated - September 26, 2012 8:59 AM EDT)
Canaccord Genuity downgraded Marvell (NASDAQ: MRVL) from Buy to Hold with a price target of $9.00 (from $15.00).
"We are downgrading our rating to HOLD on shrinking HDD TAM and TD-SCDMA share loss," analyst Bobby Burleson comments. "We are lowering our estimates and see potential for additional revisions. While MRVL is trading near its 52-week low, we
believe further downside is likely as Street consensus estimates move lower. We believe the dividend provides enough support to preclude a SELL rating."
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 $9.24 yesterday, with a 52 week range of $9.24-$16.86.
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Canaccord Genuity downgraded Marvell (NASDAQ: MRVL) from Buy to Hold with a price target of $9.00 (from $15.00).
"We are downgrading our rating to HOLD on shrinking HDD TAM and TD-SCDMA share loss," analyst Bobby Burleson comments. "We are lowering our estimates and see potential for additional revisions. While MRVL is trading near its 52-week low, we
believe further downside is likely as Street consensus estimates move lower. We believe the dividend provides enough support to preclude a SELL rating."
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 $9.24 yesterday, with a 52 week range of $9.24-$16.86.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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