Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

MRVL Missing HDD integrated chip cycle for 2004
PRU: Downgraded MRVL to Underweight from Neutral Weight

We are lowering our Semiconductor Sector rating to Neutral from Favorable (see our Industry note published today for details). We are maintaining our estimates but lowering our rating on MRVL to Underweight from Neutral Weight. We are lowering our price target to $48 from $50 in conjunction with our lower sector and stock rating. MRVL has proven its ability to execute, and we are encouraged by its new product cycle. However, we believe it will be difficult for the stock to outperform the group until it starts shipping material production revenues of its new products, which include power management and consumer hard disk drive ICs, which we don`t expect to happen until the end of the year.