UPDATE: Auriga Raises PT to $39 on Cavium Networks

A report from Auriga reiterates its Buy rating and raises its price target from $37 to $39 on Cavium Networks (NASDAQ: CAVM).

The report states, “We are particularly enthusiastic about CAVM's long-term prospects in the micro basestation segment, as the concept of heterogeneous networks with smaller basestations seems to be getting increased traction with leading service providers and equipment vendors. Our analysis suggests that CAVM is well positioned to grow top-line at 25%-30% CAGR over the next five years and remains attractive for longer-term oriented investors."

CAVM closed Friday at $34.03.