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Friday, March 7, 2008

Marvell (MRVL) 4Q:2008 Results

They beat consensus of 785 mil by nearly 60 mil and non-gaap earnings were 6 cents better than consensus. Revenue guidance was also a little bit better with an unexpectedly large ramp in opex planned, offsetting what would otherwise be perceived as great news. The stock is down a dollar pre-market. I think that's dumb. The hard drive vendors are all doing and guiding well and they are the primary customers for Marvell.

The stock is a buy here at $10.70. I can see it $15-16 if the panic settles down.

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