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Fly News Breaks for December 6, 2019
MRVL
Dec 6, 2019 | 07:27 EDT
Argus analyst Jim Kelleher raised his price target on Marvell to $30 and kept his Buy rating, saying that while the company missed on Q3 revenue, it is forecasting a "very strong" sequential rate of growth in Q4 given its recent acquisitions and the "organic momentum" in 5G. Kelleher adds that the momentum in Marvell's key markets and the "attractive valuation" on the stock offset the company's near term challenges, further noting that the stock appears to be "undervalued" on a relative to peer basis and given its historical valuation.
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