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Fly News Breaks for May 14, 2019
MRVL
May 14, 2019 | 16:24 EDT
Wells Fargo analyst Gary Mobley initiated Marvell with a Market Perform rating and a price target of $24, stating that while the company's Storage business revenue likely bottomed in Q1, he remains concerned about the segment's potential to achieve its consensus view. The analyst says he would be more bullish if the stock's next-12-month earnings multiple was not already at the high end of its historical range and if he was more confident it its Storage revenue returning to the prior $350M-$400M per quarter level while also growing 2%-3% in the long run.