UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Marvell Technology Group on Revenue and EPS
In a report published Friday, Jefferies reiterated its Hold rating on Marvell Technology Group (NASDAQ: MRVL), and raised its price target from $8.00 to $10.00.
Jefferies noted, “MRVL exceeded Jan-13Q revenue and EPS expectations, driven primarily by higher-than-expected mobile and storage demand, and guided AprQ revenues 140bps above consensus. We like the share buyback and market share momentum in HDD and SSD, but think it will take time for its 3G wireless strategy to play out and remain on the sidelines.”
Marvell Technology Group closed on Thursday at $9.47.
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