Amateur UBS analyst Stephen Chin double upgraded Marvell Technology Group (MRVL) to Buy from Sell saying the company has now addressed prior concerns around accounting, spending and patent lawsuits.
The shares at current levels seem to undervaluing Marvell’s sales to cloud customers, Chin tells investors in a research note. He estimates such sales are 25% of the company’s total and growing at a 25% annual rate.
The analyst believes a multi-year recovery in networking chips should enable Marvell to post 5%-10% annual sales growth. Chin upped his price target for the shares to $20 from $12. Marvell closed yesterday down 4c to $14.87.
Related Posts
Update On The US Dollar Index From A Geometric Perspective
Bitcoin Demand Surge: Binance Buyers Take Charge As Coinbase Premium Falls
New(s) Housing
BoJ On 2.3%: ‘The Decline In The Unemployment Rate Is Insufficient’- Stocks End Week Lower As Tech Melts Down Despite Strong Alphabet Report
Jobs Report Disappoints: Hours Worked Drop, Earnings And Employment Under Expectations
Leave A Comment