- Marvell Technology (NASDAQ:MRVL) is building off today's gains of 2% to rise 2.1% further after hours, following an upgrade to Buy at Stifel.
- A sell-off has created an attractive entry for a company ready to boost revenue and profits in data center networking, the firm says, particularly with the addition of assets from Cavium, which it closed on July 6. Marvell is "well placed in both the networking and storage markets which we view as the key innovation areas for evolving data center architectures." (h/t Bloomberg)
- The firm has a $21 price target, implying 18.5% upside.
- Shares have spent the past quarter pulling back, down 18.9% (which dragged their 12-month performance to -4.3%).