UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Marvell Technology Group on Upside Revenues

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Marvell Technology Group

, and raised its price target from $8.00 to $10.00. BMO Capital Markets noted, “Marvell reported revenues of $775 million, down 1% q-q, and EPS of $0.19 above our $720 million, down 8% q-q and $0.13, respectively. At the midpoints, for FY1Q, Marvell guided for revenues of $720 million, down 7% q-q, and EPS of $0.14. We were expecting revenues to be down 3% q-q to $702 million and EPS of $0.13.” Marvell Technology Group closed on Thursday at $9.47.