UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Marvell Technology Group Ltd. Following Better-Than-Expected F3Q Report

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, and raised the price target from $12.00 to $14.00. In the report, Deutsche Bank noted, “MRVL delivered a better-than-expected F3Q, largely driven by Mobile & Wireless and opex management, and solid F4Q guidance. However, as noted in our preview, growth came at relatively low incremental GM, yielding little EPS leverage going forward. MRVL continues to deliver revenue growth and share gains across many of its end markets, but we do not see Mobile GM trends changing in the short term as price pressures are likely to persist until the co can ramp an integrated LTE solution in CY14.” Marvell Technology Group Ltd. closed on Thursday at $13.83.