UPDATE: Citigroup Raises PT to $19 on Marvell Technology Group

Citigroup maintains its Buy rating on Marvel Technology Group MRVL and raises its price target by half a dollar to $19 on potentially conservative guidance following an in-line quarter. Citigroup says, "Marvell's results/guidance was largely inline with consensus, providing little controversy. With HDD production improving, investors are apt to view Marvell's HDD guidance as conservative. And while we generally agree, we model conservatively now, awaiting better clarity on drive production figures. We remain optimistic on the TD growth potential in 2012, although M&W growth is necessarily tempered by weaker RIM prospects. Networking remains a bright spot. Our F13 non GAAP EPS ests increase modestly to $1.17 from $1.15." MRVL closed at $16.06 yesterday.