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Fly News Breaks for August 30, 2019
Aug 30, 2019 | 07:43 EDT
Craig-Hallum analyst Christian Schwab upgraded Marvell Technology to Buy from Hold and raised his price target for the shares to $28 from $22. Despite near term macro uncertainty due to the U.S/China trade tensions and the export ban to Huawei, Marvell's 5G opportunities are accelerating faster than previously expected, Schwab tells investors in a post-earnings research note. The company now expects its initial 5G shipments in Q3, ahead of previous expectations to begin in Q4, and to ramp meaningfully into next year, the analyst points out. He believes the opportunity could end up being $1B-plus in annual revenue with further customer penetration and customer share gains. Schwab also remains optimistic on Marvell's growth opportunities with its acquisitions of Acquantia and Avera Semiconductor.
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