UPDATE: ACI Research Upgrades Marvell Technology Group to Hold on Windows 8 Transition
ACI Research raised its rating on Marvell Technology Group (NASDAQ: MRVL) from Sell to Hold but lowered its price target from $12 to $10.
ACI Research noted, "Throughout the year, we have been counseling clients to avoid Marvell and other PC-related companies ahead of the launch of Windows 8. … We anticipated that Marvell would give back market share as low-end competitors Mediatek and Rockchip entered the TD smartphone IC market. We expect that Marvell's new unified platform will allow them to regain TD market share in CY2013 and gain traction beyond that market. We are upgrading Marvell shares from Sell (4) to Hold (3) and reducing our price target from $12 to $10. The effects of the Windows 8 transition are now fully understood."
Marvell Technology Group closed at $8.83 on Thursday.
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