Marvell slips on Susquehanna downgrade


Two days after Nomura upgraded Marvell (MRVL -1.1%), Susquehanna has cut the chipmaker to Neutral, and lowered its PT by $3 to $16.

Whereas Nomura is upbeat about Marvell's baseband chip sales to Chinese OEMs (particularly for 4G TD-LTE phones), Susquehanna is worried about an inventory overhang.

Following a strong 2013 rally, shares have been in a fairly narrow range for the whole of 2014, in spite of healthy gains for chip industry peers.

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