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CS First Boston Ups Marvell Technology Outlook

CS First Boston raised its estimates on Marvell Technology (MRVL).

Analyst Michael Masdea says he raised the fiscal 2004 (Jan.) guidance on improved visibility on new designs and existing product ramps. He says Marvell continues to execute in the tough end-market as growth from share gains, and new product area ramps. He notes Marvell's strong technology and design barriers; he believes these barriers are key in a current fiercely competitive semiconductor environment.

Masdea thinks an ongoing PC shift to notebooks from desktops should continue to benefit Marvell. He raised his 89 cents fiscal 2004 (Jan) earnings per share to 92 cents, and upped the $1.11 fiscal 2005 earnings per share estimate to $1.16. Masdea also raised the $36 target to $43. He keeps his outperform rating.

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