Nomura Securities Maintains a 'Neutral' on Marvell (MRVL); Cutting Estimates & PT

Nomura Securities maintains a 'Neutral' on Marvell (NASDAQ: MRVL) price target lowered by $1 to $14.00.

Nomura analyst, Romit Shah, says, "We are lowering our estimates and target on Marvell based on recent guidance from Western Digital (NYSE: WDC) and Seagate (NYSE: STX). Considering a large cash balance, valuation is hard to ignore, but we see material risk to consensus estimates near term. We expect the stock to be range bound. Overall, we estimate January quarter revenue will be affected by $136mn and EPS by $0.11-0.13. Our FY12E EPS goes from $1.43 to $1.32 and FY13E goes from $1.50 to $1.25."

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

Shares of Marvell closed at $13.32 yesterday.

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