UBS AG Lowers Marvell Technology Group to Neutral (MRVL)
Marvell Technology Group (NASDAQ: MRVL) was downgraded by equities researchers at UBS AG (NYSE: UBS) from a “buy” rating to a “neutral” rating in a report issued on Wednesday. They currently have a $14.00 target price on the stock, down from their previous target price of $18.00.
Shares of Marvell Technology Group traded down 0.44% during mid-day trading on Wednesday, hitting $13.60. Marvell Technology Group has a one year low of $11.23 and a one year high of $16.86. The company has a market cap of $7.896 billion and a P/E ratio of 13.80.
Marvell Technology Group last issued its quarterly earnings data on Thursday, February 23rd. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.18 by $0.03. The company’s quarterly revenue was down 17.5% on a year-over-year basis. On average, analysts predict that Marvell Technology Group will post $0.27 earnings per share next quarter.
MRVL has been the subject of a number of other recent research reports. Analysts at DA Davidson raised their price target on shares of Marvell Technology Group from $19.00 to $20.00 in a research note to investors on Tuesday, April 17th. They now have a “buy” rating on the stock. Separately, analysts at Citigroup (NYSE: C) reiterated a “buy” rating on shares of Marvell Technology Group in a research note to investors on Thursday, March 15th. Finally, analysts at Avian Securities initiated coverage on shares of Marvell Technology Group in a research note to investors on Monday, March 12nd. They set a “positive” rating and a $19.00 price target on the stock.
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products.