Morgan Keegan Maintains Outperform on Marvell Technology

Morgan Keegan is out with its report today on Marvell Technology MRVL, maintaining Outperform. In a note to clients, Morgan Keegan writes, "Overall we very pleased with the company's guidance as we are convinced that MRVL has the product set and design wins to grow through any issues at its largest cellular customer. In addition we also feel that MRVL should be able to benefit from typical strong seasonality during the 2h of 2011. We are raising our fiscal January 2012 fiscal estimate to $1.53 on $3.66 billion vs. our previous estimate of $1.49 on $3.65 billion. As of last night's close, MRVL was trading at 9.5x straight and 7.2x ex cash of $3.49. We are maintaining our price target of $22.00 and reiterating our Outperform rating." At the time of posting, shares of MRVL were trading pre-market at $15.92, up 9.34% from Thursday's close.