Marvell (NASDAQ:MRVL) EPS Estimate Boosted on Industry Outlook

Needham has been very bullish on the semiconductor market in 2011, increasing their outlook for several companies on the strong demand in the sector, including Marvell (NASDAQ:MRVL).

Needham says, "As discussed in our industry report, we believe that four primary themes will drive the communication semiconductor market in 2011, including 1) the rapid growth of mobile connected devices such as smartphones and tablets, 2) the growing complexity of RF front-ends for mobile connected devices, 3) increasing attach rates of WLAN, Bluetooth and GPS functionality in mobile devices and consumer electronics and 4) the migration towards cloud computing and to higher bandwidth mobile networks."

For Marvell they're "introducing FY13 revenue and non-GAAP EPS estimates of $4,440MM/$1.90, representing 15% and 19% growth, respectively."

Marvell closed Monday at $20.28, gaining $0.24, or 1.19 percent.