UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Marvell Technology Group Ltd. Following July Quarter Revenue/EPS Report

In a report published Friday, Jefferies analyst Mark Lipacis reiterated a Hold rating on

, and raised the price target from $12.00 to $13.00. In the report, Jefferies noted, “MRVL exceeded JulQ revenue and EPS expectations, driven primarily by higher-than-expected mobile and wireless demand, and guided JulQ revenues 300bps above consensus. We like the share buyback and progress in wireless, but think that a lower mix will weigh on gross margins and the P/E multiple.” Marvell Technology Group Ltd. closed on Thursday at $12.96.