- Wells Fargo analyst Gary Mobley reiterated Marvell Technology, Inc (NASDAQ:MRVL) with an Overweight with a $58 price target.
- While MRVL will not be able to avoid global macro pressures altogether, he believes the company is heavily insulated from the consumer weakness most pronounced in the current macro softness.
- When the global economy does find more sure footing, he believes MRVL’s fundamentals and share price can outperform peers’ in the broader chip sector.
- Mobley expects MRVL to post above-consensus October quarter results and January quarter guidance.
- The price target is near the lower end of MRVL’s prior two-year valuation parameters. Still, it represents a premium to SOX index current multiples, perhaps justified by MRVL’s above-average EPS growth.
- More specifically, he believes the SOX index should trade at 20.0x a normalized EPS level (versus trading well below 20.0x NTM EPS as investors discounted EPS cuts).
- His assumption that MRVL trades at a premium to the SOX is consistent with his messaging.
- Price Action: MRVL shares traded higher by 1.43% at $42.15 on the last check Tuesday.
Morgan Stanley Maintains Equal-Weight on EastGroup Props, Raises Price Target to $158
Morgan Stanley analyst Stephen Byrd maintains EastGroup Props (NYSE:EGP) with a Equal-Weight and raises the price target from $150 to $158.
