Upgrade Alert for Marvell Technology (MRVL)
Marvell Technology (NASDAQ:MRVL) was upgraded from Market Perform to Outperform at Northland today. The stock closed yesterday at $11.89 on volume of 17.3 million shares, above average daily volume of 5.5 million.
Marvell Technology Group Ltd. designs, develops, and markets integrated circuits for communications-related markets. The Company's products provide the interface between analog signals and the digital information used in computing and communications systems. Marvell's technology is applied to the broadband data communications market.
Based on a current price of $11.89, Marvell Technology is currently 18.2% above its average consensus analyst price target of $9.73. The stock should discover initial support at its 50-day moving average (MA) of $10.12 and subsequent support at its 200-day MA of $9.65.
Marvell Technology share prices have moved between a 52-week high of $16.86 and a 52-week low of $6.98 and closed yesterday at 70% above that low price at $11.89 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.2%.
SmarTrend recommended that subscribers consider buying shares of Marvell Technology on February 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.49. Since that recommendation, shares of Marvell Technology have risen 23.0%. We continue to monitor MRVL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades marvell technology