Brean Capital Raises Price Target as Marvell Technology (MRVL) Announces Restructuring Actions
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Marvell Technology Group Ltd. Announces Restructuring Actions to Drive Growth and Improve Profitability
November 2, 2016 4:30 PM EDTSANTA CLARA, Calif., Nov. 2, 2016 /PRNewswire/ --Â Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, networking, and connectivity semiconductor solutions, today announced restructuring actions intended to refocus its research and development (R&D), increase operational efficiency and improve profitability. These actions are expected to be fully implemented by the end of October 2017 to lower annual operating expenses from a current annualized run rate of $1.08 billion to the $820-840 million range.
Matt Murphy, Marvell's President and Chief Executive Officer, explained, "The single biggest factor limiting the potential of the... More
