UPDATE: Nomura Upgrades Marvell Technology on LTE Traction, Shares up +2.15%

In Nomura's morning summary, analyst Sanjay Chaurasia upgraded

from Neutral to Buy and raised the price from $15.00 to $19.00 on LTE traction. Chaurasia remarked that Marvell is ahead of MediaTek on its LTE and FDD-LTE traction. The analyst wrote, "Marvell has a much broader and more cost-optimized LTE SoC portfolio for mass market and midrange SKUs in the China TD-LTE market, in our view. While most investors view Marvell's LTE traction as short-lived and expect it to be a repeat of the TDSCDMA story once MediaTek launches its LTE solutions in 2H, we think Marvell's LTE position against MediaTek is stronger than it was with TDSCDMA." Nomura added that Marvell's position is improving at Samsung. With the company's traction and improving position, the analyst expects CY14 mobile and wireless revenue to grow 64 percent and 14 percent year-over-year, respectively. Chaurasia raised CY14 EPS estimates from $0.96 to $1.00. CY15 EPS estimates were also increased from $1.04 to $1.25. Shares of Marvell Technology closed at $14.83 om Tuesday. The stock jumped to $15.10 in pre-market trading before seeing some sell-off and bringing shares back to the closing price. Shortly after Wednesday's opening bell, the stock began a quick ascent, currently trading at $15.15, up 2.16 percent.