UPDATE: Stifel Nicolaus Raises PT on Marvell Technology Following Impressive F2Q Report

In a report published Friday, Stifel analyst Kevin Cassidy reiterated a Buy rating on

, and raised the price target from $12.00 to $14.00. In the report, Stifel noted, “Marvell posted an impressive F2Q, with revenue and gross margin above our and Street estimates as the long-awaited upsides from investments in SSD controllers and WCDMA handsets are finally starting to show results in revenues. We believe the company is positioned to benefit from strong product cycles driven by increasing demand for SSDs and hybrid drives as well as a transition to LTE in the China cellular market, though we note participation in the highly-competitive China market is expected to impact gross margins by a point or two.” Marvell Technology Group Ltd. closed on Thursday at $12.96.