Following the recent market selloff, Marvell Technology Inc’s MRVL share price shows that a “healthy amount of pessimism” has already been priced in, according to Wells Fargo Securities.
The Marvell Technology Analyst: Gary Mobley upgraded Marvell Technology from Equal Weight to Overweight with a $58 price target.
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The Marvell Technology Takeaways: Although Marvell Technology may not be able to completely overcome global macroeconomic pressures, the company seems “heavily insulated from the consumer weakness that has been most pronounced in the current macro softness,” Mobley said in the upgrade note.
“When the global economy does find more sure footing, we believe MRVL's fundamentals and share price can outperform peers' in the broader chip sector,” the analyst said.
The target price reflects Marvell Technology’s above-average EPS growth, he said.
MRVL Price Action: Shares of Marvell Technology were trading down 3.8% at $38.77 Tuesday morning.
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