Marvell (MRVL), a global semiconductor provider, has rebounded strongly in recent weeks, and Citi sees this continuing:
In the 2+ wks since the [company’s] F1Q09 beat and raise, incoming calls [from investors] have spiked, focused on product cycles, margins and ultimately earnings power. We conclude a) product cycles are broader then the Street perceives, b) margin improvement is earlier and incremental to prior expectations, and c) the earnings inflection is structural w/upside potential.
Citi maintains BUY, target price $22.
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