UPDATE: Topeka Capital Markets Initiates Coverage on Cavium with Hold Rating, $35 PT on Embedded Further Growth Expectations

In a report published Thursday, Topeka Capital Markets analyst Suji De Silva initiated coverage on Cavium (NASDAQ: CAVM) with a Hold rating and $35.00 price target.

In the report, Topeka Capital noted, “We are initiating coverage of Cavium with a Hold rating and a $35.00 price target. We believe CAVM has been able to grow steadily despite a muted communications demand environment. We believe expectations for further growth are embedded at current share levels. We would look for improving communications infrastructure demand prior to getting more aggressive with the stock.”

Cavium closed on Wednesday at $32.53.