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UPDATE: Jefferies Raises PT on Marvell Technology Following July Quarter Revenue/EPS Report

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In a report published Friday, Jefferies analyst Mark Lipacis reiterated a Hold rating on Marvell Technology Group Ltd. (NASDAQ: MRVL), and raised the price target from $12.00 to $13.00.

In the report, Jefferies noted, “MRVL exceeded JulQ revenue and EPS expectations, driven primarily by higher-than-expected mobile and wireless demand, and guided JulQ revenues 300bps above consensus. We like the share buyback and progress in wireless, but think that a lower mix will weigh on gross margins and the P/E multiple.”

Marvell Technology Group Ltd. closed on Thursday at $12.96.

Posted-In: Jefferies Mark LipacisAnalyst Color Price Target Analyst Ratings

 

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