In a report published Friday, DA Davidson raised its price target on Marvell Technology Group MRVL from $12 to $14, and reiterated its Buy rating on the company.
In the report, analysts at DA Davidson commented that, "Q1 results better than seasonality. MRVL reported FQ1'14 (April) revenue of $734 million, down ~5% sequentially, and pro-forma EPS of $0.19, well above the Street consensus and our estimate of $721.6 million and $0.14. MRVL's guidance was $700-$740 million and $0.12-$0.16. Roughly $0.03 of the EPS upside was due to a ~$7 million tax benefit and other one-time benefits. Non-GAAP gross margin expanded 140bp to 54.6%, above guidance, due to mix and sell-through of previously reserved inventory. MRVL repurchased 20 million shares in Q1."
Marvell Technology closed on Thursday at $11.31
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