UPDATE: Canaccord Genuity Downgrades Marvell Technology Group to Hold, Lowers PT

In a report published Wednesday, Canaccord Genuity downgraded its rating on Marvell Technology Group

from Buy to Hold, and lowered its price target from $15.00 to $9.00. Canaccord Genuity noted, “We are downgrading our rating to HOLD on shrinking HDD TAM and TDSCDMA share loss. We are lowering our estimates and see potential for additional revisions. While MRVL is trading near its 52-week low, we believe further downside is likely as Street consensus estimates move lower. We believe the dividend provides enough support to preclude a SELL rating.” Marvell Technology Group closed on Tuesday at $9.24.