Piper Jaffray Starts Cavium Networks (CAVM) at Neutral
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Piper Jaffray initiates coverage on Cavium Networks (Nasdaq: CAVM) with a Neutral rating and a $24 price target.
The firm calls Cavium's products "highly integrated processors for networking, communications, storage and security applications." With the "transition of telecom, enterprise and data works from circuit switched architectures to packet-based architectures", Piper believes Cavium could capture market share at a "fairly rapid pace" and estimates that Cavium's served available market opportunity could be $3 billion.
While Piper does like Cavium's growth profile looking ahead, it believes the stock price already reflects these factors.
Cavium Networks, Inc. designs, develops, and markets semiconductor processors for intelligent and secure networks.
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