UPDATE: Jefferies Raises PT on Marvell Technology Following July Quarter Revenue/EPS Report
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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.