UPDATE: Benchmark Assumes Marvell (MRVL) at Buy

Benchmark analyst Cody Acree assumes coverage on Marvell (NASDAQ: MRVL) with a Buy rating and a price target of $70.00.

The analyst comments "We are assuming coverage of MRVL with a Buy rating and a $70 price target. MRVL has been a transition story over the past several years under the guidance of a largely new management team. While storage remains a much smaller end market for MRVL, the company's primary focus is on becoming a leader in the infrastructure end markets, which now account for 88% of total revenue. A number of non-core asset divestitures, coupled with multiple strategic acquisitions, have accelerated MRVL's exposure to the attractive infrastructure end markets."

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 $53.68 yesterday.

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