Morgan Stanley raised its price target on Marvell (NASDAQ: MRVL) to $17.00 (from $14.00) while maintaining a Equalweight rating.

Analyst Joseph Moore likes the progress MRVL has made in turning the company around but remains skeptical that growth will return for the longer run.

"We have been impressed at the pace of the turnaround. We have talked about $1 in theoretical GAAP earnings power, and we're now at that number for CY18, ahead of our original expectations. We continue to look for a relatively low multiple on that number, given what we see as growth challenges to the portfolio, but we'll look to next week's analyst day to update our thoughts on that portfolio. Our prior $14 PT was based on 14x $0.76 2017e GAAP EPS + cash; as we have been doing through earnings, we are rolling our targets to CY18, which brings the target up to $17."