UBS Cuts Estimates and Price Target on Marvell (MRVL); Lower Seasonal HDD Demand Plus Competition From...
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Price: $66.85 +3.08%
Rating Summary:
45 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
45 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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UBS maintains a 'Neutral' on Marvell (NASDAQ: MRVL) price target of $12.00 (from $14.00).
Analyst, Uche Orji, said, "After recent results by Marvell’s peers and downstream customers, we are reducing our revenue and earnings estimates due to expectations for: 1) below seasonal HDD demand due to macro and C3Q PC demand softness, 2) competition from Broadcom (Nasdaq: BRCM), MediaTek, and Qualcomm (Nasdaq: QCOM) in low-cost smartphone SoCs that could limit Marvell’s wireless segment growth prospects, 3) modest 2H demand increase at networking customers is supportive for margins, but less likely to drive EPS upside."
FY13 EPS estimate cut from $0.92 to $0.87 and FY14 from $1.24 to $1.11.
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 $11.40 yesterday.
Analyst, Uche Orji, said, "After recent results by Marvell’s peers and downstream customers, we are reducing our revenue and earnings estimates due to expectations for: 1) below seasonal HDD demand due to macro and C3Q PC demand softness, 2) competition from Broadcom (Nasdaq: BRCM), MediaTek, and Qualcomm (Nasdaq: QCOM) in low-cost smartphone SoCs that could limit Marvell’s wireless segment growth prospects, 3) modest 2H demand increase at networking customers is supportive for margins, but less likely to drive EPS upside."
FY13 EPS estimate cut from $0.92 to $0.87 and FY14 from $1.24 to $1.11.
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 $11.40 yesterday.
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