Information Provided By:
Fly News Breaks for July 28, 2016
MRVL
Jul 28, 2016 | 07:55 EDT
Brean Capital believes a major restructuring or major cost cutting initiative is likely the next step for Marvell in its turnaround story. The firm noted the company missed Street expectations for earnings and revenues but also gave guidance above expectations. Brean Capital said they were impressed by the company's designs to cut or align a future business model in line with semiconductor peers. Brean Capital reiterated its Buy rating and raised its price target to $15 from $12.50 on Marvell shares.