UPDATE: D.A. Davidson Reiterates Buy Rating, Lowers PT on Marvell Technology Group

In a report published Friday, D.A. Davidson & Co. reiterated its Buy rating on Marvell Technology Group Ltd.

, but lowered its price target from $12.00 to $10.00. D.A. Davidson noted, “Revenue from the Storage segment declined 3% and accounted for ~47% of revenue, failing to reach the guided low single digit growth largely due to lower PC sales and reduced market demand. However, 500GB mobile drives remained strong, up more than 30% sequentially and representing ~40% of unit shipments. The company's Mobile & Wireless business continued to struggle, falling 10% sequentially on weakness in the gaming segment and inventory corrections for enterprise access points. Networking revenue was down 1% (23% of revenue), below expectations, with weakness from modest inventory corrections.” Marvell Technology Group Ltd. closed on Thursday at $7.41.