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 B.Riley FBR. Analyst Craig Ellis maintained a Buy rating on Marvell today and set a price target of $30. The company’s shares closed on Friday at $22.62.

Ellis commented:

“Marvell (MRVL) reports 5/30 AMC with a 4:45 PM ET CC. We expect F1Q20 results in line with our at-Street estimates and, while F2Q20’s Street forecasts seem makeable, escalating US/China trade friction lends risk. For example, we believe above-seasonal Taiwan Tech supply chain notebook and networking sales in March and April reduced late-F1Q risk and meant May started with decent mojo. Further, PC/server SSD penetration is picking up after Y/Y NAND price declines 2x long-term averages. Nidec’s CY19 HDD outlook suggests SSD cannibalization 2-3x T3-year pacing. Relatedly, INTC PC CPU supply should soon expand, allowing PC sales to accelerate H/H, a Storage SAM plus. In Networking, new products performed well in CY18, and we expect further CY19 traction.”

According to TipRanks.com, Ellis is a 5-star analyst with an average return of 12.6% and a 56.9% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Applied Materials Inc, Axcelis Technologies, and Rudolph Technologies.

Marvell has an analyst consensus of Strong Buy, with a price target consensus of $25.94, representing a 14.7% upside. 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.

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