Marvell Technology Group (MRVL) has been re-initiated today with coverage from the research analysts at Auriga. Auriga begins this new coverage of Marvell Technology with an initial price target set at $18 dollars and rates performance of ‘MRVL’ as “buy.” Auriga notes shares of Marvell are valued at an attractive price. Despite the “buy” rating, shares of MRVL are down during intraday trading and have overall been on a bearish retrace post-gap of May 27th, 2011.
Marvell Technology Group is slated to release their next earnings report on August 25th, 2011 and is estimated to post EPS of 36 cents. Their last earnings report was released on May 26th, 2011 and announced EPS of 29 cents with revenue totaling $802 million which was down -6.3 %year to year. MRVL is currently trading below its 50 & 200-day moving averages and 2011 is currently a down year for the company.
Marvell Technology Group is one of the world’s largest fabless semiconductor providers of high-performance application-specific standard products. The company has market capitalization of $9,640,000,000 and 650,500,000 shares outstanding. MRVL has a 52-week high of $22.01 with the low being $13.87 dollars.
