Oppenheimer maintains its Perform rating on Cavium CAVM as inventory drawdown leads to negative pre-announcement for the fourth quarter.
Oppenheimer notes, "CAVM expects 4Q11 to decline 16-17% Q/Q compared with prior guidance of a 9% Q/Q down-tick. CAVM continues to be impacted by carriers'
build-pause-build spending patterns, particularly in China, as well as the "typical" spending pause surrounding the T-Mobile/AT&T merger. We expect to
see carrier spending rebound in 1H12."
CAVM closed at $28.48 per share on Tuesday.
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