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Fly News Breaks for June 13, 2017
SYNA, MRVL
Jun 13, 2017 | 09:20 EDT
Cowen analyst Timothy Arcuri noted Marvell (MRVL) sold its multimedia assets to Synaptics (SYNA), which brought to a close its initial restructuring efforts. The company is now well positioned with its current portfolio of assets but the Street may be underestimating its growth potential in the storage business. The analyst remains very excited about its existing growth and earnings power, but sees potential for even more accretive M&A, especially in networking. Arcuri reiterated his Outperform rating and $21 price target on Marvell shares.
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