Even though Research In Motion (NASDAQ:RIMM) accounts for over 10 percent of Marvell's (NASDAQ:MRVL) business, Pacific Crest analyst Ruben Roy believes there is limited downside to the company.
That also included the ongoing weakness in the disk drive market, although Roy acknowledges that “medium-term growth prospects” for the company will be muted.
Why he sees a limited downside is growth in the mobile and wireless market outside of Research In Motion and the potential associated with its networking business.
He added th the $500 million in authorized share repurchase remaining and the $2.93 billion in cash on the books will help shore up the company.
Marvell was trading at $16.30, gaining $0.37, or 2.32 percent, as of 1:55 PM EDT. Roy maintains an "Outperform" rating on Marvell, with a price target of $23 on them.
Thursday, April 7, 2011
Marvell (MRVL) Has Limited Downside Says Pacific Crest
Labels:
Marvell,
Pacific Crest,
Research in Motion
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