Marvell Receives a New Rating from Top AnalystBy Austin Angelo
“Marvell reported strong F3Q17 results that easily exceeded the high end of guidance while providing a mixed outlook for F4Q17. NG GM continues to expand at a faster than expected pace and exceeded expectations for both quarters. The better than expected margins along with a newly announced $1bn share buyback program led to strong share price gains in the aftermarket. However, while we are encouraged by the improving margins of the company, we continue to have concerns about the overall growth profile of the business.”
According to TipRanks.com, Bolton is a top 25 analyst with an average return of 21.4% and a 75.9% success rate. Bolton covers the Technology sector, focusing on stocks such as Sequans Communications S A, Integrated Device Tech, and Ikanos Communications.
Currently, the analyst consensus on Marvell is Hold and the average price target is $14.06, representing a 5.2% upside.
In a report issued on November 3, Oppenheimer also reiterated a Hold rating on the stock.
The company has a one year high of $13.61 and a one year low of $7.40. Currently, Marvell has an average volume of 5.04M.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is negative on the stock.
Marvell Technology Group Ltd. engages in the business of providing semiconductors to high-performance application-specific standard products. The company focuses on the development of complex System-on-a-Chip devices leveraging extensive technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and stand alone integrated circuits. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers, mobile handsets, connectivity and other consumer electronics. The company was founded by Sehat Sutardja, Weili Dai and Pantas Sutardja in January 1995 and is headquartered in Hamilton, Bermuda.