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Pacific Crest Starts Marvell Tech with 'Buy'

Pacific Crest initiated coverage of Marvell Technology (MRVL) with buy.

Analyst Aalok Shah says Marvell is a leader in the enterprise information and communications (IC) segment. The company has already established a strong presence in both storage and communications. Shah thinks Marvell has market dominance in the mobile hard disk drive (HDD) market, and is beginning to gain share in the lucrative desktop HDD market with its proprietary CMOS read channel controllers -- a chip product for data storage manufacturers -- and system-on-chip solutions. Shah says he expects this segment to grow 27% in fiscal 2004.

With significant growth opportunitites in both the storge and communications segments, he says Marvell is a compelling investment. Shah sees 49 cents fiscal 2003 (Jan,) earnings per share, and 80 cents for fiscal 2004. He has a $25 target.

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