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. (NASDAQ: MRVL), 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.
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