2 March 2014 Wireless Equipment Signals to Noise (S2N) likely a CY16+ opportunity for the company - and mostly an out quarter growth story opportunity for management to share with investors, at the present. In summary, while we are constructive on Cavium's CY15+ rev growth opportunities for the new chips - Octeon3, Fusion, Neuron, etc - we remain with our neutral near-term view and our Hold-rating on the stock - noting balanced risk/reward at current levels - i.e. the stock trading at appx 24x P/E for -19% First Call consensus rev growth expectation. Ixia - Vi rivalizat ion moderating growth Our MWC conversations with the network testing solutions vendors is another set of datapoints supporting our near-term caution on Ixia - a key vendor in enterprise and carrier network test and network visibility solutions. While 40GE datacenter switch testing and LTE voice and data network equipment and network services testing are multi quarter opportunities for Ixia - we note lumpiness in LTE network testing orders (at telcos such as AT&T, etc) and 40GE datacenter switch testing still in early stages and virtualization of testing applications moderating demand for incremental box capacity (that is, customers run virtual instances of testing scripts which reduce the need to purchase incremental physical capacity, lowering the overall industry revenue growth rate. That said, we remain constructive on Ixia's Anue Network Monitoring and Network Visibility test solutions business, while being cautious on muted growth trends in the near-term for Ixia's core network testing business. We remain with our Hold rating on Ixia. Ruckus - helped by cable providers; in search of mobile We met with Ruckus management at the show, who felt encouraged by continued traction by cable providers. One point which struck us as positive was management's warm reception to LTE-over-unlicensed (LTE-u). They suggested LTE-u could be helpful for some of their MSO customers, possi