UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Marvell Technology Group Ltd.

In a report published Friday, Jefferies & Company reiterated its Hold rating on Marvell Technology Group Ltd.

, but slightly lowered its price target from $9.00 to $8.00. Jefferies noted, “MRVL met recently reduced 3Q expectations, but provided an outlook for revenues to decline by 8% Q/Q or 400bps below expectations. MRVL looks compelling at an EV/S of 6x, and is investing in new wireless products which should ship in 1H13, but we model FCF to decline by 20%, and we think it will take time for the 3G wireless strategy to play out and stay on the sidelines. Reiterate Hold.” Marvell Technology Group Ltd. closed on Thursday at $7.41.