UPDATE: Deutsche Bank Reiterates Marvel Technology at Hold Following Infringement Verdict
Deutsche Bank maintained its Hold rating and $9 price target on Marvel Technology (NASDAQ: MRVL) as the company seeks to overturn a patent infringement award against it.
Deutsche Bank said, "MRVL does not see any disruption to their business and believes customers will not be impacted by the results of the verdict. The company will appeal the decision the US Court of Appeals for the Federal Circuit in Washington DC. The company believes this venue will be more receptive to its arguments. … While we expect MRVL to perform well in the majority of its businesses (Storage & Networking), we believe the co's Mobile segment will continue to face headwinds in 1H13. Consequently we continue to view MRVL's valuation as attractive, but see few NT catalysts to generate earnings estimate or valuation expansion until more clarity on Mobile traction can be seen."
Marvel Technology closed at $7.39 on Wednesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.