After Citigroup and Merrill Lynch gave Marvell (NASDAQ: MRVL) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Quinn Bolton reiterated a Buy rating on Marvell yesterday and set a price target of $28. The company’s shares closed yesterday at $24.43, close to its 52-week high of $25.74.
According to TipRanks.com, Bolton is a top 100 analyst with an average return of 17.3% and a 67.8% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Quantenna Communications, and Applied Materials Inc.
Marvell has an analyst consensus of Strong Buy, with a price target consensus of $25.76, a 5.4% upside from current levels. In a report issued on April 22, Barclays also maintained a Buy rating on the stock with a $30 price target.
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Based on Marvell’s latest earnings release for the quarter ending January 31, the company reported a quarterly GAAP net loss of $261 million. In comparison, last year the company had a net profit of $129 million.
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Marvell Technology Group Ltd. engages in the design, development, and sale of integrated circuits. The company offers System-on-a-Chip devices, which leverages technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits.
