Cowen Remains bullish on Marvell Technology (MRVL) Ahead of 3Q Release

November 15, 2016 8:32 AM EST
Get Alerts MRVL Hot Sheet
Price: $14.22 -1.73%

Rating Summary:
    17 Buy, 21 Hold, 6 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Cowen reiterated an Outperform rating and $16.00 price target on Marvell Technology (NASDAQ: MRVL) ahead of the company's 3Q earnings report. Cowen is expecting revenues and EPS to be largely in-line with the Street's $616MM and $0.12 estimates.

Analyst Timothy Arcuri commented, "Despite fears of a guide-below, we see numbers being "okay". Recent cost cutting announcement is in-line w/our model; additional surgical measures are likely too, and supply chain mgmt remains a huge lever for GM. From there, MRVL has >$2.5B in liquidity (cash, borrowing, real estate) to continue driving toward high margin infrastructure and away from consumer. $1.40 baseline EPS power, $16 tgt."

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 $13.19 yesterday.

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