Market Overview

UPDATE: Citigroup Reiterates Hold on Marvel Technology Following Patent Infringement Verdict

Related MRVL
Benzinga's Top #PreMarket Losers
Benzinga's Top Downgrades

Citigroup maintained Marvel Technology (NASDAQ: MRVL) at Hold with an $8.50 price target.

Citigroup noted, "While the journey through the appeals process is apt to take several quarters, and the odds typically stand with the defendant in infringement cases (~75% in favor of defendant), we believe the initial verdict against Marvell will overhang the shares for some time. Both the size of the verdict ($1.17B compared to Marvell's $2.05B cash balance) and the impact to its largest revenue source (HDD is 47% of Marvell's revenues) will likely temper investors' willingness to invest in the shares. Thus, despite signs of order stabilization in the PC market (order cancellations to NB ODM's ceased in November), we stand-by our September 9th downgrade of Marvell shares."

Marvel Technology closed at $7.39 on Wednesday.

Latest Ratings for MRVL

Oct 2015CitigroupDowngradesNeutralSell
Oct 2015B. RileyDowngradesNeutralSell
Oct 2015Brean CapitalMaintainsHold

View More Analyst Ratings for MRVL
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Reiteration Intraday Update Analyst Ratings


Related Articles (MRVL)

View Comments and Join the Discussion!

Get Benzinga's Newsletters