Will Marvell Technology Group Ltd. (NASDAQ:MRVL) Cross $23?

Marvell Technology Ltd. (NASDAQ:MRVL) is getting investors’ attention after posting excellent first quarter results. The stock was upgraded to “Outperform” by investment firm Oppenheimer. Oppenheimer has a $23 price target on the stock. The firm upgraded the stock based on healthy margins and future growth prospects. Morgan Staley also increased its price target on Marvell Technology to $18.50.

Marvell Technology Ltd. (NASDAQ:MRVL) has a strong balance sheet and no debt. The company is expanding its penetration into data storage and chips business. In the second quarter, Marvell Technology Ltd. (NASDAQ:MRVL) expects EPS of $0.26-$0.30, versus the consensus of $0.25.

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