UPDATE: Deutsche Bank Lowers Target on Cavium to $26

Deutsche Bank reiterates its Hold rating on Cavium

and lowers its price target to $26 from $27 a share to reflect lower estimates following a flattish guide from the company. Deutsche Bank says, "Management guided to flattish Q1 revenues, noting $0.06 to $0.07 in pro-forma EPS; citing weak telco demand. While we are constructive on improving demand from Q2+, we note balanced risk/reward, with potential for timing delays." CAVM closed at $33.29 a share yesterday.