Dallas, Texas 05/27/2014 (FINANCIALSTRENDS) – Marvell Technology Group Ltd. (NASDAQ:MRVL)’s price target was recently raised from $17 to $18 by investment analysts at Stifel Nicolaus in a research note released on May 23, 2014. The analysts currently maintain a “buy” rating for the stock. Many other analysts have also recently commented on the stock and include investment analysts at Morgan Stanley who initiative coverage on the stock with an “equal weight” rating. They now maintain a price target of $20.87 for the stock.
Secondly, analysts at Zacks upgraded their rating on the stock to an “outperform” rating from a “neutral” rating assigned previously. They now maintain a price target of $17.10 for the stock of Marvell Technology. Separately, investment analysts at TheStreet upgraded their rating for the stock to a “buy” rating from the previously announced “hold” rating.
The stock of Marvell Technology Group Ltd. (NASDAQ:MRVL) has been given a “strong buy” rating by one analyst; a “buy” rating by nine analysts and a “hold” rating by seven analysts. Marvell Technology presently has an average rating of “buy” with a consensus price target of $16.30 which suggests potential upside of 2.58% from its previous closing.
On Friday, the stock of Marvell Technology closed at $15.89, gaining 1.92% from its previous close. The stock is trading close to its 52-week high of $16.65, significantly up from its 52-week low of $10.57. On Friday, it traded with significantly higher volumes of 11.12 million shares as compared to its 30 day average trading volume of 3.91 million shares.
Equity analysts at Zacks recently noted that Marvell Technology Group Ltd. (NASDAQ:MRVL) delivered mixed 1Q14 results with an encouraging 2Q14 guidance. The analysts expect the company’s 4GLTE products to be growth driver in the coming quarters. Moreover, they also quoted Marvell’s stable balance sheet and diverse revenue base as “positive.”