Deutsche Bank Downgrades Marvell (MRVL) to Hold, Weakness to Continue

Deutsche Bank is the latest firm to downgrade Marvell (NASDAQ: MRVL) following the company's lowered third quarter outlook and CFO departure. The firm cut its rating from from Buy to Hold with a price target of $9.00 (from $12.00).

The analyst commented, "While the negative pre comes as little surprise (DB recently cut ests), we now expect the weakness to con't in F4Q and believe the CFO change compounds uncertainty at an already difficult time. Given the operating uncertainties, secular challenges in HDDs and limited growth in new mkts to date, we view rev/EPS and share price appreciation potential as limited in the NT."

More than a half-dozen firm's downgraded the stock today.

For an analyst ratings summary and ratings history on Marvell click here. For more ratings news on Marvell click here.

Shares of Marvell are down 14 percent currently to $7.57.

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