Cowen analyst Timothy Arcuri reiterates Outperform rating and $20 price target Marvell (NASDAQ: MRVL), as the company reported solid fourth quarter results and guidance, with EPS above the Street.

Arcuri comments, "With another solid Q/guide, next week's Analyst Day should represent a new levelset that paves the path to ~$1.40-1.50 GAAP EPS by C2019. The speed with which MRVL has neared 60% GMs speaks to the future opportunity, especially considering the remaining 10G runway + massive customer pull for data center alternatives. $20 seems to us like a proverbial lay-up, w/ M&A layering on additional upside."

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Shares of Marvell closed at $15.85 yesterday.