UPDATE: Canaccord Genuity Downgrades Marvell (MRVL) to Hold, Storage and Mobile Headwinds

(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.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Canaccord Downgrades York Space Systems (YSS) to Hold, 'Supply chain and contract timing uncertainty'
• BWS Financial Downgrades Inter Parfums (IPAR) to Sell
• Seaport Global Securities Downgrades JetBlue Airways (JBLU) to Neutral