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Marvell Technology Group Ltd. (NASDAQ:MRVL) received another positive endorsement Tuesday from BMO Capital Markets after Friday's upgrade by Stifel.
The Analyst
Analyst Ambrish Srivastava upgraded Marvell Tech from Market Perform to Outperform with a $24 price target, suggesting about 34-percent upside from current levels.
The Thesis
The risk-reward in Marvell Tech shares is attractive, with the possibility of $6 upside and $2 downside, Srivastava said in a Tuesday note. (See his track record here.)
The estimates for the company are reasonable, "especially after Marvell cleared the deck on the Cavium estimates and management has a built a track record of executing," the analyst said.
Marvell Tech completed its acquisition of fabless semiconductor company Cavium in July.
Marvell has a strong track record of executing, Srivastava said.
The Price Action
Marvell Tech shares have lost about 15 percent year-to-date. The stock was up 2.8 percent at $18.63 at the time of publication Tuesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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