UPDATE: BofA/Merrill Lynch Double Upgrades Marvell (MRVL) to Buy

(updated to add analyst comment)

BofA/Merrill Lynch upgraded Marvell (NASDAQ: MRVL) from Underperform to Buy with a price target of $26.00 (from $15.00).

Analyst Vivek Arya believes the deal for Cavium (NASDAQ: CAVM) adds secular growth drivers and likes the combination noting the company is well positioned to address secular growth in cloud, 5G mobile networks, security, and enterprise. The analyst expets revenue growth of 5-10% annually with roughly 25% pro-forma EPS accretion.

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 $20.29 Friday.

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