UPDATE: Lazard Lowers PT on Cavium to $37

Lazard is out with its report today on Cavium (NASDAQ: CAVM), lowering its PT from $40 to $37.

In its report, Lazard writes, "CAVM lowered its 3Q revenue guidance yesterday from an increase of 2%-3% sequentially Q/Q ($73.4M at midpt) to a decrease of 4%-6% Q/Q ($68M at midpt) due to weakness in enterprise networking and software services segments. While we acknowledge short-term headwinds, we remain positive on CAVM based on its dominant position in the growing multi-core processing market. Our new PT of $37 is based on 25x our forward 2012E."

Lazard maintains Buy on CAVM.

At the time of posting, shares of CAVM were trading pre-market at $27.50, down 11.89% from Thursday's close.