Citi Reiterates 'Buy' on Marvell (MRVL), Expecting A Solid Print And In-Line Outlook
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Citi reiterates a 'Buy' rating on Marvell Technology Group Ltd (Nasdaq: MRVL). Price target $22.
Citi analyst says, "Our positive thesis is based on: a) strong product cycles in storage, enterprise networking, WLAN, and handsets, b) gross margin self-help on the handset chip transition to lower-cost TSMC, and c) tightening opex control which can solidify under Hosein. Investment risks include PC unit sales strength (for storage component demand) and longer-term Research In Motion (Nasdaq: RIMM) market share (vs Freescale (NYSE: FSL) and QUALCOMM (Nasdaq: QCOM)). Would use mkt volatility to add to positions."
Marvell Technology Group Ltd. is a global semiconductor provider of application-specific standard products (ASSPs).
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