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Fly News Breaks for June 29, 2018
CAVM, MRVL
Jun 29, 2018 | 06:15 EDT
Piper Jaffray analyst Harsh Kumar believes Marvell Technology's (MRVL) acquisition of Cavium (CAVM) will close in July following yesterday's news of Chinese regulatory approval. The approval has long been an overhang on the stock, Kumar tells investors in a research note. The analyst continues to believe the combined company can generate an earnings per share of $1.70 in fiscal 2020. He reiterates an Overweight rating on Marvell with a $28 price target.
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