Marvell Technology Group Ltd. 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.
Related Links:
KeyBanc Previews Q3 Semi Earnings, Downgrades Integrated Device Technology On Renesas Deal
KeyBanc Starts Coverage On 10 Semiconductor Stocks, Downgrades Cypress Semi
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.