Citi Reiterates 'Buy' Rating on Marvell Technology (MRVL)
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Citi reiterates a 'Buy' rating on Marvell Technology Group Ltd (Nasdaq: MRVL), but lowers price target from $22 to $20.
Citi analyst says, "We remain constructive on MRVL's C08E margin leverage story and on stock risk/reward. While acknowledging demand uncertainty given the current macro backdrop, gross and operating margins and free cash flow generation are investment positives. With valuations near 52 week lows, we like the stock's favorable risk reward profile."
Marvell Technology Group Ltd. is a global semiconductor provider of application-specific standard products (ASSPs).[SM]
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