Mizuho Upgrades Cavium Networks to Buy (CAVM)
Cavium Networks (NASDAQ: CAVM) was upgraded by equities researchers at Mizuho from a “neutral” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $35.00 target price on the stock, up from their previous target price of $30.00.
Shares of Cavium Networks traded down 10.82% during mid-day trading on Tuesday, hitting $26.53. Cavium Networks has a 52 week low of $24.20 and a 52 week high of $47.29. The company has a market cap of $1.311 billion and a P/E ratio of 29750.00.
The company last announced its quarterly results on Tuesday, May 1st. It reported $0.02 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.01 EPS by $0.01. The company’s quarterly revenue was down 17.1% on a year-over-year basis. On average, analysts predict that Cavium Networks will post $0.13 earnings per share next quarter.
A number of other firms have also recently commented on CAVM. Analysts at Stifel Nicolaus cut their price target on shares of Cavium Networks from $40.00 to $32.00 in a research note to investors on Tuesday, April 3rd. Separately, analysts at Jefferies Group (NYSE: JEF) cut their EPS estimates on shares of Cavium Networks in a research note on Tuesday. They now have a “buy” rating and a $40.00 price target on the stock. They previously had a $44.00 price target on the stock. Finally, analysts at Wedbush reiterated a “neutral” rating on shares of Cavium Networks in a research note to investors on Tuesday, April 3rd. They now have a $28.00 price target on the stock.
Cavium, Inc., formerly Cavium Networks, Inc., designs, develops and markets semiconductor processors for intelligent and secure networks.