UPDATE: Wunderlich Securities Initiates Marvell Technology Group at Hold on Visibility Lack
Wunderlich Securities initiated coverage on Marvell Technology Group (NASDAQ: MRVL) with a Hold rating and a $9 price target.
Wunderlich Securities commented, "Marvell is a leader in the hard disk drive (HDD) storage market with strong positioning in several other large end markets such as mobile, wireless LAN, and enterprise networking. The company has a strong tradition of leadership in the storage space that we expect to continue with the transition to SSDs, which has offset some recent headwinds in the HDD market. The uncertainty in the CFO position and lack of visibility for a return to abovemarket growth preclude us from recommending the stock now, which we believe is cheap. We would look for improvement in either of those factors before changing our rating, all else being equal."
Marvell Technology Group closed at $7.14 on Thursday.
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