Morgan Stanley Maintains OW Rating on Marvell Technology

“As we noted in our earnings preview,” Morgan Stanley reports, “we expected Marvell Technology Group Ltd. MRVL to recognize the negative impacts from the Japanese earthquake in FQ1, so its performance at the low end of guidance is not a surprise.” “That said,” Morgan Stanley continues, “we believe investors continue to underestimate MRVL's numerous product cycles. Furthermore, the company, raising its guidance to $870-910M in revenue next quarter, with EPS between $0.35 and $0.39, also gives us comfort that MRVL should benefit from market tailwinds in 2H11. Therefore, we remain Overweight.” Marvell Technology Group closed Thursday at $14.56.