Marvell Well Positioned With Multiple Growth Drivers, Jefferies Reports

Jefferies & Company said that it believes Marvell

is well positioned with multiple growth drivers for 2011 to include (1) the ramp of Seagate and Hitachi HDD design wins, (2) share gains at RIM and potentially Samsung and LG, and (3) connectivity and app processor wins in gaming, printers, e-readers, tablets, and handsets. “Marvell reported better CQ3 results but provided mixed CQ4 guidance (rev below, EPS in line) as it expects a decline in Mobile & Wireless to be partially offset by flat Storage and Networking,” Jefferies writes. “We left our pro forma EPS for CY10 at $1.66 and lowered CY11 to $1.70 (from $1.78).” Marvell currently trades at $18.94.