Argus analyst Jim Kelleher initiated Marvell (MRVL) with a Buy rating and a price target of $28. Kelleher expects the company's total addressable market to double after its acquisition of Cavium (CAVM), as the deal will provide marvell with an entry into "complementary product markets". The analyst also foresees stabilizing margins and revenues after several years of decline for Marvell thanks to its asset portfolio reorganization and dispositions. Kelleher believes that the valuation on Marvell is attractive at current levels, with the stock trading at 19.4-times his FY18 EPS target.