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Fly News Breaks for September 15, 2015
MRVL
Sep 15, 2015 | 08:18 EDT
JMP Securities lowered its price target on Marvell after the company announced that its audit committee is conducting an independent investigation of certain accounting and internal control matters. The firm recommends avoiding the stock, citing increased competition in the HDD market, its belief that the audit will make it difficult for the company to sell its wireless business, and its belief that the audit and the company's IP infringement conviction have complicated its relationships with customers. The firm reiterates an Underperform rating on the shares.