UPDATE: Stifel Nicolaus Lowers PT to $11 on Marvell Technology Group on Lower Estimates Ahead

Stifel Nicolaus reiterated its Buy rating on Marvell Technology Group

but lowered its price target from $12 to $11. Stifel Nicolaus commented, "We are reducing our estimates and target price for Marvell, as we believe the company's handset, Wi-Fi and networking revenues will be lower than we were previously estimating for the out quarters. While we believe general macroeconomic conditions have lowered end network market demand, we believe Marvell may be missing the upside from good demand in higher-end networks. We maintain our Buy rating based on the relatively low valuation of the shares." Marvell Technology Group closed at $8.14 on Monday.