Marvell Technology Group Given New $19.00 Price Target at Brean Capital (MRVL)
Equities researchers at Brean Capital lifted their target price on shares of Marvell Technology Group (NASDAQ:MRVL) from $17.00 to $19.00 in a research report issued on Friday, AR Network reports. Brean Capital’s price target indicates a potential upside of 17.83% from the company’s current price.
Marvell Technology Group (NASDAQ:MRVL) traded down 2.20% during mid-day trading on Friday, hitting $15.77. The stock had a trading volume of 5,612,439 shares. Marvell Technology Group has a 52 week low of $9.35 and a 52 week high of $16.15. The stock has a 50-day moving average of $14.99 and a 200-day moving average of $13.. The company has a market cap of $7.757 billion and a price-to-earnings ratio of 31.37. Marvell Technology Group also was the target of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 7,439,712 shares, a decline of 24.9% from the January 15th total of 9,900,066 shares. Approximately 2.1% of the company’s shares are short sold. Based on an average daily trading volume, of 5,822,396 shares, the short-interest ratio is currently 1.3 days.
Marvell Technology Group (NASDAQ:MRVL) last released its earnings data on Thursday, February 20th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.04. The company had revenue of $931.70 million for the quarter, compared to the consensus estimate of $901.13 million. Analysts expect that Marvell Technology Group will post $1.05 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Marvell Technology Group in a research note on Friday. They now have a $17.00 price target on the stock, up previously from $16.00. Separately, analysts at Susquehanna raised their price target on shares of Marvell Technology Group to $19.00 in a research note on Friday. Finally, analysts at Deutsche Bank raised their price target on shares of Marvell Technology Group from $14.00 to $16.00 in a research note on Friday. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $15.04.
Marvell Technology Group Ltd. (NASDAQ:MRVL) is a fabless semiconductor provider of application-specific standard products.
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