Marvell (MRVL) Received its Third Buy in a Row

After Barclays and UBS gave Marvell (NASDAQ: MRVL) a Buy rating last month, the company received another Buy, this time from Rosenblatt Securities. Analyst Hans Mosesmann maintained a Buy rating on Marvell today and set a price target of $24. The company’s shares closed on Friday at $22.62.

Mosesmann observed:

“We rate MRVL a Buy and our $24 price target is based on a high-teens P/E multiple on our $1.30 F21 non-GAAP EPS estimate. Risks Risks to our target rating and target price include exposure to the HDD market (a legacy business), lower than expected spending from telecom providers in relation to 5G, and lower than expected synergies from acquisitions.”

According to TipRanks.com, Mosesmann is a 5-star analyst with an average return of 11.0% and a 55.8% success rate. Mosesmann covers the Consumer Goods sector, focusing on stocks such as Texas Instruments, Lattice Semicon, and Inphi Corp.

Marvell has an analyst consensus of Strong Buy, with a price target consensus of $25.94, a 14.7% upside from current levels. In a report issued on May 6, Susquehanna also reiterated a Buy rating on the stock.

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The company has a one-year high of $25.74 and a one-year low of $14.34. Currently, Marvell has an average volume of 12.54M.

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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.