Needham & Company Maintains a 'Buy' on Marvell (MRVL); F4Q12 Guidance Not Quite As Bad As Feared

Needham & Company maintains a 'Buy' on Marvell (NASDAQ: MRVL) price target lowered $1 to $18.

Needham analyst says, "Marvell reported F3Q12 results in-line with original guidance. Revenue guidance for F4Q12 was better than feared as management expects some recovery in HDD industry capacity beginning December and as HDD OEMs accelerate the transition to advanced technology HDDs (500GB per platter 2.5-inch and 1TB per platter 3.5-inch drives) and reduce the number of components per drive. GM continues to be adversely affected in the near-term by gold pricing, the ramp of new products and stable wafer pricing. However, management has implemented strategies to address each factor and we expect GM will rebound in F2H13."(Needham lowers FY13 EPS estimate from $1.25 to $1.15)

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 $13.76 yesterday.

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