Lazard Reiterates Buy on Marvell Technology

Lazard is out with its report today on Marvell Technology (NASDAQ: MRVL), reiterating Buy.

In its report, Lazard writes, "We recommend MRVL as a stock to own for the following reasons: 1) Upside from wireless exists as the company is positioning itself well in the opportunity around TD-SCDMA which we believe the Street is underestimating. 2) Upside opportunity exists in the HDD space with the merger between WD and Hitachi, new platform ramp at Seagate and the growth of the SSD market. 3) Revenues from RIMM have stabilized and the company is diversifying its customer base. 4) The networking segment is likely to benefit from the transition towards 10Gb Ethernet. 5) At a current valuation of 10x forward EPS we believe the stock is attractively valued. Our PT of $18 is 12x forward EPS."

At the time of posting, shares of MRVL were trading pre-market at $15.55, up 1.30% from Friday's close.