Market Overview

UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Marvell Technology Group Ltd.

Share:
Related MRVL
Oppenheimer Portfolio Strategy: US MAER Best Ideas
Earnings Scheduled For August 20, 2015
Joel Greenblatt Boosts Stake in B&G Foods (GuruFocus)

In a report published Friday, Jefferies & Company reiterated its Hold rating on Marvell Technology Group Ltd. (NASDAQ: MRVL), but slightly lowered its price target from $9.00 to $8.00.

Jefferies noted, “MRVL met recently reduced 3Q expectations, but provided an outlook for revenues to decline by 8% Q/Q or 400bps below expectations. MRVL looks compelling at an EV/S of 6x, and is investing in new wireless products which should ship in 1H13, but we model FCF to decline by 20%, and we think it will take time for the 3G wireless strategy to play out and stay on the sidelines. Reiterate Hold.”

Marvell Technology Group Ltd. closed on Thursday at $7.41.

Latest Ratings for MRVL

DateFirmActionFromTo
Aug 2015Ladenburg ThalmannUpgradesNeutralBuy
Aug 2015CitigroupUpgradesSellNeutral
Jul 2015OppenheimerUpgradesUnderperformPerform

View More Analyst Ratings for MRVL
View the Latest Analyst Ratings

Posted-In: Jefferies & CompanyAnalyst Color Price Target Analyst Ratings

 

Related Articles (MRVL)

View Comments and Join the Discussion!

Get Benzinga's Newsletters