Marvell Technology (MRVL) Stock Price Target Lowered at Credit Suisse

NEW YORK (TheStreet) -- Credit Suisse lowered its price target for Marvell Technology (MRVL) to $13 from $16 on Friday, reiterating its "neutral" rating.

The analyst firm lowered its fiscal 2016 EPS estimates for the chipmaker to 54 cents a share from its previous estimate of 90 cents a share. Credit Suisse also lowered its fiscal 2017 EPS estimates for Marvell to 68 cents a share from $1 a share.

The lower price target and EPS estimates are a result of Marvell's lower guidance, according to analysts John W. Pitzer and William Miller.

"MRVL reported F1Q Rev/EPS essentially in-line with neg pre guidance given on 04/24," the analysts wrote. "The company guided F2Q Rev/EPS BELOW Street and announced the retirement of CFO Mike Rashkin, and the appointment of interim CFO Sukhi Nagesh."

Separately, TheStreet Ratings team rates MARVELL TECHNOLOGY GROUP LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate MARVELL TECHNOLOGY GROUP LTD (MRVL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

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