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Technology Stocks : Semi Equipment Analysis

SOXX 306.04

0.0%

Dec 26 4:00 PM EST

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To: Donald Wennerstrom who wrote (52242)	5/27/2011 10:28:52 AM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) of 95639

S&P KEEPS STRONG BUY OPINION ON SHARES OF MARVELL TECHNOLOGY GROUP 9:13 AM ET 5/27/11 \| S&P Marketscope Apr-Q operating EPS of $0.24, vs. $0.34, misses our $0.25 estimate. Sales fell 11%, below our model, from Jan-Q, owing to mobile and storage segment weakness. Gross margins contracted modestly, contributing to a more narrow operating margin. Taxes aided results. We reduce our FY 12 (Jan.) EPS forecast by $0.03 to $1.23 on a lower gross margin projection, and cut our target price by $2 to $19. But with our view of accelerating growth in FY 13 due to share gains and product cycles, and with the stock already trading at a notable discount to peers, we would add to positions.

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