HSBC Analyst Sets $85 Price Target for Marvell Technology
HSBC analyst Frank Lee has established a price target of $85 for Marvell Technology Inc. (NASDAQ:MRVL). The semiconductor company was trading at $77.24.
Despite a recent 5% decline, Marvell Technology (NASDAQ:MRVL) is trading slightly below the target price. The stock remains above its April lows but is down 29.7% year-to-date.
Marvell Technology (NASDAQ:MRVL) has found support around the $80 level, following a historically bullish trendline. According to Schaeffer's Senior Quantitative Analyst Rocky White, Marvell Technology (NASDAQ:MRVL) has stayed above the 320-day moving average's 20-day average true range 80% of the time over the past two weeks.
This technical signal has appeared nine times in the past decade. Historically, Marvell Technology (NASDAQ:MRVL) has risen an average of 7.7% one month after this signal, with a success rate of 78%.
Marvell Technology (NASDAQ:MRVL) has a market capitalization of approximately $66.78 billion. Trading volume was 16,211,023 shares. The stock has fluctuated between $73.62 and $78.92 today. Over the past year, MRVL has traded between $47.09 and $127.48.
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