Goldman Sachs Maintains Neutral Rating on Marvell Technology

Goldman Sachs is maintaining its Neutral rating on shares of Marvell Technology Group Ltd. (NASDAQ: MRVL).

“We believe Marvell's solid guidance could partly alleviate the market's concerns about the company's ability to grow outside its core storage and networking franchise,” Goldman Sachs writes. “However, we have reservations about Marvell's ability to broaden its wireless customer base, as that business remains subject to significant volatility based on limited customer exposure. We recognize that valuation is increasingly attractive at current levels (12X normalized EPS vs. the group at 15X).”

Marvell Technology Group closed Thursday at $14.56.