UPDATE: Benchmark Lowers PT on Marvell Technology Group from $22 to $20

Benchmark has published a research report on Marvell Technology Group MRVL trimming the price target. In the report, Benchmark wrote, "Following 2Q12 results, we reiterate our “Buy” rating. To account for lower peer group valuation multiples and slightly lowered EPS estimates, we are trimming our price target from $22 to $20. Due to slight revenue upside, the company delivered a penny of EPS upside relative to 2Q12 non-GAAP EPS consensus. Most important to highlight, management's 3Q12 revenue guidance was better than what most investors had feared." Benchmark rated Marvell a BUY with a price target lowered from $22.00 to $20.00. Marvell closed Thursday at $11.96.