J.P. Morgan Reiterates Overweight Rating On MRVL

Analysts at J.P. Morgan maintained its Overweight rating on Marvell Technology Group, but reduced its price target to $23 from $26 ahead of the company's earnings report on Thursday, August 19. In its report, J.P. states that it lowered its price target due to "concerns over a widening slowdown in consumer spending in Europe, China, and the U.S. Although we believe strength in mobile/wireless and networking served to offset much of the HDD weakness in the July Qtr, we are taking our estimates down based on the lower HDD expectations going forward."Marvell Technology Group designs, develops, and markets analog, mixed-signal, and digital signal processing and embedded microprocessor integrated circuits.