Marvell Technology Inc (MRVL)

[k-007]

Semiconductors

UBS issued a note on Marvell Technology Group upgrading shares to Buy based on:

1) Solid fundamentals as reported by key customers (WDC is 17% of Rev; RIMM is 12%) make ests look conservative,

2) Unlike recent widely held views, recent mtg with mgmt shows that MRVL has a good position in SSD which it will leverage in the event of a transition from HDDs to SSDs,

3) Success of XScale transition from Intel to TSMC, in addition to opex control initiatives, will lead to margin leverage,

4) Hiring of CFO, head of IR will resolve key mgmt gaps,

5) At 14x FY09 pro forma P/E it is looking oversold.