Marvell Technology (MRVL): Upping PT But Can The Turnaround Continue? - UBS

December 1, 2016 7:30 AM EST
Get Alerts MRVL Hot Sheet
Price: $14.15 -0.42%

Rating Summary:
    17 Buy, 21 Hold, 6 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 34 | New: 34
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UBS analyst, Stephen Chin, reiterated his Sell rating on shares of Marvell (NASDAQ: MRVL) but raised his price target to $12 from $9 on an expanded multiple, not EPS.

Marvell's recent Oct-16 quarterly results were solid with a big gross margin beat of 360bps and EPS beat of 67% versus its guidance. However, the analyst is keeping his Sell rating as we still have concerns over its long term growth rate against a strong competitor, Broadcom.

Marvell's adjusted sales growth of 8% yoy was the first positive trend since Oct-14. But it remains unclear if this pace can continue.

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 $14.34 yesterday.

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