Nomura Securities Maintains a 'Neutral' on Marvell (MRVL); 3Q Review

Nomura Securities maintains a 'Neutral' on Marvell (NASDAQ: MRVL) price target of $13.00.

Nomura analyst, Romit Shah, said, "Marvell reported F3Q results with revenue and EPS of $950mn/$0.40 ($0.35 with options) below our estimate of $960mn/$0.41. The company expects storage to decline 20-30% q/q, mobile and wireless to decline 10-15%, and communications to be flat q/q. We are lowering our F4Q EPS (incl. ESO) estimate to $0.18 from $0.21. FY13 estimates decrease to $3.56bn/$0.90 from $3.56bn/$1.06. The stock trades at 15x CY12 earnings vs an average multiple of 13x for our coverage. Our target price decreases from $14 to $13 based on 14x CY12 EPS of $0.90 (with options). The company has $4 in cash per share."

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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