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BMO Capital analyst Ambrish Srivastava upgraded Marvell (NASDAQ: MRVL) to Buy today and set a price target of $24. The company’s shares closed on Friday at $18.01, close to its 52-week low of $17.18.
According to TipRanks.com, Srivastava is a 4-star analyst with an average return of 10.9% and a 69.2% success rate. Srivastava covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Texas Instruments, and Maxim Integrated.
Currently, the analyst consensus on Marvell is a Strong Buy with an average price target of $27, which is a 49.9% upside from current levels. In a report issued on October 10, B.Riley FBR also maintained a Buy rating on the stock with a $26 price target.
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Based on Marvell’s latest earnings release for the quarter ending July 31, the company reported a quarterly net profit of $6.76 million. In comparison, last year the company had a net profit of $131 million.
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Marvell Technology Group Ltd. engages in the business of providing semiconductors to high-performance application-specific standard products. It focuses on the development of complex System-on-a-Chip devices leveraging extensive technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and stand alone integrated circuits. The company’s product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers, mobile handsets, connectivity and other consumer electronics. Marvell Technology Group was founded by Sehat Sutardja, Weili Dai, and Pantas Sutardja in January 1995 and is headquartered in Hamilton, Bermuda.
