UPDATE: Williams Financial Group Reiterates Buy Rating, Lowers PT on Marvell Technology Group

In a report published Wednesday, Williams Financial Group reiterated its Buy rating on Marvell Technology Group MRVL, but lowered its price target from $20.00 to $15.00. Williams Financial noted, “After hearing nothing but macro weakness from the majority of our semiconductor coverage thus far through earnings season, we are cutting our estimates for Marvell. The primary drivers are the obvious weakness being seen in computing demand, which will likely pressure MRVL's hard drive leverage, and the slowing growth of China (plus increasing competition), which we expect will delay any significant MRVL handset growth until 2013. Additionally, we expect to hear that global enterprise demand has been sluggish, therefore pressuring the company's Ethernet division.” Marvell Technology Group closed on Tuesday at $7.56.