Goldman Sachs Comments On Marvell Technology Shareholders Meeting

According to Goldman Sachs, Marvell Technology Group MRVL held its general shareholders meeting at 5:30 p.m. PT on June 28. Goldman Sachs said that one of the items approved at the meeting authorizes a reallocation of $3.1 bn from Marvell's “share premium account” to its “contributed surplus account.” “Our 12-month price target is $18, based on 14X normalized EPS of $1.25.” Marvell Technology Group closed yesterday at $14.15.