Goldman Sachs Raises Numbers on Marvell (MRVL) After Q4, Keeps 'Neutral' On Limited LT Growth

Goldman Sachs raised estimates and its price target on Marvell (NASDAQ: MRVL) from $14 to $16 following Q4 EPS that was $0.03 above the firm's estimates with revenues in-line. The mid-point of Q1 sales guidance if $768M and above the firm's view of $742M. Storage is expected to be up 10% to 20%, with networking flat and wireless down high-single digits, the firm notes.

Goldman maintained a Neutral rating on the stock saying they see limited long-term growth in storage as SSDs increase. They said while shareholder returns via share buybacks have been strong, the company may need to initiate a dividend to drive the stock higher.

The firm raised FY13/FY14 to $1.20/$1.55 from $1.05/$1.40; introducing FY15 at $1.70.

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 $16.06 yesterday.

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