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Marvell: Deutsche Bank Cuts to Hold; Stock Extends Slide

Published on September 4, 2008
by Eric Savitz

Marvell (MVRL) shares are down sharply again today, pressured this morning by Deutsche Bank analyst Arnab Chanda, who cut his rating on the stock to Hold from Buy. He cut his target price on the stock to $15 from $20.

“Following checks with industry contacts, we believe Marvell is not likely to see significant upside in the next six months, both due to weakness in Europe and Asia, as well as slower-than-expected product ramps” at Research In Motion (RIMM) and Seagate (STX), he wrote in a research note. “While we recognize that the company detailed some of these issues in their recent conference call, we still believe that it is prudent to move to the sidelines, given estimates could get cut” into fiscal Q4.

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