Marvell upgraded to Buy from Hold at Stifel
Stifel analyst Kevin Cassidy upgraded Marvell Technology Group to Buy with an unchanged price target of $21. Marvell is now entering its second phase of corporate transformation which began roughly two years ago, Cassidy tells investors in a research note. He believes new management has made the right strategic moves by shedding the money losing Mobile & Wireless products to focus on profitability over growth. With a few product adjustments following the Cavium acquisition, Marvell is well positioned to increase revenue and profits in the high growth data center networking market, Cassidy contends. Further, he believes the recent broad selloff of semiconductor shares has created an attractive entry point.