Auriga maintains a 'Buy' on Marvell (MRVL); Cuts N-T Estimates, But Expect Growth To Resume In 1FQ13

Auriga maintains a 'Buy' on Marvell (NASDAQ: MRVL) price target raised $1 to $18.

Auriga analyst said, "The company reduced its guidance due to slower than expected recovery in Hard Disk Drive (HDD) segment and demand softness at wireless customers, particularly in China. We expect growth to resume from 1FQ13 onwards on rising HDD shipments and secular growth trends in flash and TD/Android. We reduce our FY13 estimates, but would be buyers of the stock as we expect growth to bounce back in future years at 13%-15% CAGR EPS growth over five years."

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 $15.74 yesterday.

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