UPDATE: FBR Capital Markets Downgrades Marvell Technology Group to Market Perform on Risks
FBR Capital Markets reduced its rating on Marvell Technology Group (NASDAQ: MRVL) from Outperform to Market Perform.
FBR Capital Markets commented, "We are throwing in the towel on MRVL and downgrade shares to Market Perform following another guidance cut, with more downbeat commentary about 4Q12, and with the firm's upper management team unwilling to change the firm's failing cellular strategy. … Additionally for MRVL shares, while we do not like "downgrading at the bottom," we are further concerned by CFO Hosein's just-announced departure. We think CFO Hosein was a good operational executive brought on to make fundamental strategic and business reformations at Marvell."
Marvell Technology Group closed at $8.83 on Thursday.
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