UPDATE: Morgan Keegan Lowers PT on Marvell Technology Group from $22 to $21

Morgan Keegan has published a research report on Marvell Technology Group MRVL lowering the price target. In the report, Morgan Keegan wrote, "MRVL reported July qtr. results of $0.38/$897.5 million vs. consensus of $0.37/$889.0 million. MRVL saw strength across all end markets with double digit growth in both Storage and Mobile/Wireless. During the quarter, RIMM business started to stabilize and a back-to-school build materialized late in the quarter." Morgan Keegan rated Marvell an Outperform with a price target lowered from $22.00 to $21.00. Marvell closed Thursday at $11.97.