UPDATE: J.P. Morgan Lowers PT on Marvell Technology to $21

J.P. Morgan is out with its report today on Marvell Technology MRVL, lowering its PT from $24 to $21. In a note to clients, Citi writes, "Our C11 EPS estimate declines $0.02 to $1.58 while our C12 estimate remains at $1.80. Our new PT of $21 assumes MRVL should trade at 10x our C12 EPS estimate, in line with the group average, plus $3.45 of cash per share on the balance sheet." J.P. Morgan reiterates Overweight on MRVL. At the time of posting, shares of MRVL were trading pre-market at $15.80, up 8.52% from Thursday's close.