Goldman Sachs is bullish on this tech stocks
$Marvell Technology(MRVL.US$
Chipmakers are firing on all cylinders this year, and Marvell Technology has enjoyed a nice rally. From May to November, shares of the Wilmington, Delaware-based semiconductor company climbed a whopping 60%.
Chipmakers are firing on all cylinders this year, and Marvell Technology has enjoyed a nice rally. From May to November, shares of the Wilmington, Delaware-based semiconductor company climbed a whopping 60%.
But that could just be a start. Marvell reported third quarter earnings Dec. 2. In the following trading session, the stock shot up 17.7%.
Revenue for the quarter grew 61% year-over-year to $1.21 billion. Adjusted earnings per share improved 72% from a year ago to 43 cents.
A nice post-earnings pop brought Marvell’s share price to about $84. But Goldman Sachs sees more upside ahead.
A nice post-earnings pop brought Marvell’s share price to about $84. But Goldman Sachs sees more upside ahead.
The bank upgraded Marvell from “neutral” to “buy” on Dec. 3 and raised its price target to $95.
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