Citi Has Buy On Marvell Technology

Citi Investment Research is out with a research report on Marvell Technology Group Ltd. MRVL and it has a Buy rating and a $17 price target on shares. In a note to clients, Citi Investment Research writes, "Amid significant macro uncertainty, Marvell's beat and meet results are being well received in immediate trading. Its fundamental success is being driven by new products now providing a degree of secular growth (particularly in light of a stabilizing RIMM). Having missed (in results or guidance) for the past 4 quarters, this is likely to rebuild Marvell's reputation with investors. With the shares underperforming the market YTD and now reflecting a 7x-9x multiple of reduced 2012 EPS (S&P 500 10x-12x), we expect MRVL to relatively outperform for the rest of 2011." Shares of MRVL are up $1.13 in pre-market trading to $13.10.