Needham & Company Upgrades Marvell (MRVL) to Buy

Needham & Company upgraded Marvell (NASDAQ: MRVL) from Hold to Buy with a price target of $21.00.

Analyst N. Quinn Bolton commented, "Following Marvell's inaugural analyst day, in which management laid out its strategy to grow revenue, further streamline operations and increase capital returns to shareholders, we are upgrading our rating to Buy from Hold and establishing a $21 PT. We are fans of the new management team, assembled from a variety of industry leaders. We believe MRVL can drive growth in its core storage, networking and connectivity markets through share gains, targeting market transitions and entering new market segments. NG EPS should continue to increase over the next three years as management drives the business toward its new 30% OM and 30% FCF margin targets. Lastly, we believe increasing capital returns to shareholders coupled with the potential for accretive M&A further enhance potential upside in MRVL shares."

For an analyst ratings summary and ratings history on Marvell click here. For more ratings news on Marvell click here.

Shares of Marvell closed at $16.39 yesterday.

You May Also Be Interested In

• Freedom Broker Upgrades Alico Inc. (ALCO) to Buy
• William Blair Downgrades On Holding AG (ONON) to Market Perform
• BofA Securities Double Upgrades BCE (BCE) to Buy