Morgan Keegan Maintains Outperform Rating and $20 PT on Marvell Technology

A report from Morgan Keegan reiterates its Outperform rating and $20 price target on Marvell Technology (NASDAQ: MRVL).

The report states, “MRVL reported October qtr results of $0.40/$950.4 million vs. consensus of $0.39/$939.0 million. The Thailand flooding resulted in a $20 million headwind to revenues. Mobile/Wireless segment increased 24% q/q as a result of strong traction in TD-SCDMA and seasonal strength from wireless connectivity especially for game consoles.”

MRVL closed yesterday at $13.76.