Cowen raised its price target on Marvell (NASDAQ: MRVL) to $29.00 (from $21.00) while maintaining a Outperform rating, following the company's recent announcement to acquire Cavium for $6 billion.

Analyst Karl Ackerman notes a positive outlook on the shares, following management's recent announcement to acquire Cavium for $6 billion, suggesting this transaction represents the next phase of the story to execution of $2 per share in EPS in 2019 with Cavium in place.