Auriga Maintains Buy, $17 Target on Marvell Technology

In a published report, Auriga reiterates its Buy rating and $17 price target on Marvell Technology Group Ltd. (NASDAQ: MRVL) following an in-line quarter despite headwinds due to flood impact.

According to Auriga, “MRVL's 3FQ12 results ($950.4mln/$0.40) were in-line with our/consensus estimates despite flood/inventory correction headwinds and R&D uptick due to strong growth in TD/PON/flash, higher other income and aggressive buyback (15mln shares). TD and PON revenue doubled QoQ, while flash grew double digits. Networking was down 1% due to inventory correction, while the flood impact was about $20mln.”

MRVL closed at $13.76 per share on Friday.