UPDATE: Stifel Nicolaus Cuts PT to $10 on Marvell Technology Group; Mobile Competition

Stifel Nicolaus reiterated its Buy rating on Marvell Technology Group

but lowered its price target from $11 to $10. Stifel Nicolaus commented, "Management reiterated their view that mobile and wireless markets represent the company's largest growth opportunity, and the company will continue to invest in this area. Management also expressed a view that providing turnkey solutions for the white box market in Asia is an attractive investment area, which we view with some concern as we believe this segment will be the focus of multiple competitors including potentially lower-cost vendors based in mainland China." Marvell Technology Group closed at $7.41 on Thursday.