Deutsche Bank Maintains Buy on Marvell Technology

Deutsche Bank is out with its report today on Marvell Technology MRVL, maintaining Buy. In its report, Deutsche Bank writes, "While MRVL is unlikely to escape the macro pressures impacting the semi group as a whole, we believe it can weather the storm better than most as it has already worked through much of the inventory-related pain (HDDs, handsets). When combined with its current discount valuation (CY12E PF/GAAP P/E of 8/10x), we continue to find the shares attractive." Deutsche Bank maintains a $22 PT on MRVL. Shares of MRVL closed Tuesday at $12.94, down 0.46% from Monday's close.