UPDATE: JMP Securities Upgrades Marvell Technology Group

In a note issued Wednesday morning, JMP Securities analyst, Alex Gauna upgraded shares of Marvell Technology Group

from Market Underperform to Market Perform. Gauna sees Marvell capturing 5-10 percent of the 4G LTE mobile handset market in China as well as benefiting from Wifi and HDD controller-attach for Xbox, which had previously been banned in the country. As another point for his re-rating, Gauna noted Marvell poor year-to-date performance has reduced the further downside risk. To reiterate his cautious view, Gauna commented, " Although we are pointing out some favorable near-term developments that moderate our prior concerns around its cellular and HDD exposure, we cannot go so far as to recommend the stock over any reasonable investment horizon."