Marvell Technology (MRVL): Upping PT But Can The Turnaround Continue? - UBS
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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.
Shares of Marvell closed at $14.34 yesterday.
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