Cavium Networks (NASDAQ:CAVM) Revenue Growth 30 Percent in 2011 Says Needham

Needham & Company is impressed with Cavium Networks (NASDAQ:CAVM), identifying them as the only company within their coverage universe to join their 30-30 club.

Needham said, "Baseball has the likes of Willie Mays, Hank Aaron, Barry Bonds and Alex Rodriquez on its list, to which we now include Cavium Networks. Following meetings with CAVM management last week, we believe CAVM remains on track to become the only company within our coverage universe to join the 30-30 club; 30% top-line grower over multiple years (36% CAGR from 2008 to 2013E) and 30% OM. By reaching these metrics, we believe the company deserves a 30x+ P/E multiple. With continuing strong design win momentum, we are raising our estimates. We now believe CAVM will grow revenue 30% in 2011 and 25% in 2012 and is on track to exit 2012 with a 30% OM."

They reiterate a "Strong Buy" on Cavium Networks, which closed Monday at $39.56, up by $0.26, or 0.66 percent. Needham raised their price target on them from $38 to $48.