Marvell (MRVL) PT Bumped to $20 at Needham & Company

Needham & Company analyst N. Quinn Bolton reiterated a Buy rating and bumped his priced target on Marvell (NASDAQ: MRVL) to $20.00 (from $19.00) while introducing FY17 estimates. The positive comments on MRVL come amid the firm's more cautious view on the semi sector.

Bolton commented, "In conjunction with our industry report also published this morning titled, "2014 Recap and 2015 Outlook - Turning More Cautious on Semiconductor Stocks," we are introducing FY17 estimates for Marvell Technology. Though we are turning more cautious in general on semiconductor stocks, we believe Marvell has the potential to outperform the broader industry due to what we see as an attractive valuation and an opportunity to become a meaningful player in the LTE baseband market. Applying the same valuation methodology to our new estimates, we increase our 12-month price target to $20 from $19."

The firm is introducing FY17 revenue and NG EPS estimates of $4.00B/$1.25, up from $3.85B/$1.15 in FY16.

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 $14.37 yesterday.

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