UPDATE: Stifel Reiterates on Marvell Technology Group Following Solid Quarter Results

In a report published Friday, Stifel analyst Kevin Cassidy reiterated a Buy rating on Marvell Technology Group Ltd. (NASDAQ: MRVL), and raised the price target from $14.00 to $16.00.

In the report, Stifel noted, “Marvell turned in a solid quarter with revenue growth in all of its markets. The HDD business has stabilized, SSD controller revenues reached new highs and the combination of China handsets and new gaming consoles lifted its mobile segment. Outlook is for above seasonal as the growing mobile segment offsets the season HDD and wireless decline. This product mix is moving GM below our estimates, which is some cause for concern in our view though management expects GM to return to previous levels.”

Marvell Technology Group Ltd. closed on Thursday at $13.83.