UPDATE: J.P. Morgan Upgrades Marvell Technology Group Ltd. to Overweight, Raises PT on Improved Execution, Expanding Profile

In a report published Tuesday, J.P. Morgan analyst Harlan Sur upgraded the rating on

from Neutral to Overweight, and raised the price target from $14.00 to $16.00. In the report, J.P. Morgan noted, “We are upgrading MRVL to OW on better execution (product development, time-to-market, software/firmware support) over the past eighteen months which has resulted in solid growth prospects from all of its major product categories, especially in the mobile/wireless and storage markets. Additionally, we anticipate continued operating margin expansion and EPS growth as we believe the company is laser-focused on keeping tight controls over product costs and operating expenses. We believe there is solid potential for revenue/earnings expansion going forward, and believe consensus numbers will move towards our Street-high $1.05 EPS estimate for FY15 and drive the stock towards our price target of $16.” Marvell Technology Group Ltd. closed on Monday at $12.57.