Cavium Networks (CAVM) PT Raised to $85 at Canaccord Genuity Following Announced Agreement with Marvell
Canaccord Genuity raised its price target on Cavium Networks (NASDAQ: CAVM) to $85.00 (from $67.00) while maintaining a Hold rating following the company's announced agreement with Marvell.
Marvell will acquire Cavium for $40/share cash and a 2.1757:1 Marvell-for-Cavium share exchange ratio, giving Cavium shareholders roughly 25% ownership of the combined company and an ~$87 price based on today's closing of $21.59 for Marvell shares - a ~27% premium to the $68.27 close the day prior to the potential deal being reported in the press.