Analysts upwardly revised their ratings and price targets on Marvell Technology Group Ltd. (MRVL), NVIDIA Corporation (NVDA), and Amazon.com, Inc. (AMZN)
Analysts are weighing in on chipmakers
Marvell Technology Group Ltd. (NASDAQ:MRVL) and
NVIDIA Corporation (NASDAQ:NVDA), as well as e-commerce stock
Amazon.com, Inc. (NASDAQ:AMZN). Here's a quick roundup of today's bullish brokerage notes on MRVL, NVDA, and AMZN.
- MRVL is up 2% at $9.49, following news the company has reached a much-less-than-anticipated $750 million settlement in its patent dispute with Carnegie Mellon University. Also helping buoy the shares are price-target hikes at Cowen and Company (to $15) and Craig Hallum (to $17.50). The stock has been on a roll since hitting an annual low of $7.40 in mid-January -- up 28%, thanks in part to a vote of confidence from Starboard Value. Should Marvell Technology Group Ltd. extend this rally, another round of bullish brokerage notes could come down the pike. Currently, 80% of analysts maintain a "hold" or worse rating on MRVL.
- NVDA's stronger-than-forecast earnings report was met with a round of upbeat analyst attention, sending the shares up 11.7% to $30.89 -- their loftiest perch since early January. Included in the batch of bullish brokerage notes was a price-target hike to $36 from $35 at Canaccord Genuity, which reiterated its "belief NVIDIA's transformation from a PC-leveraged GPU supplier to a diverse visual-computing company is nearing completion." Since bouncing from its 200-day moving average last week, the shares have shot roughly 18% higher -- bringing life to this Super Bowl-related theory. If NVIDIA Corporation can sustain this momentum, it could prompt short sellers to jump ship, which may spell additional gains for the shares. At present, a healthy 9.5% of NVDA's float is sold short, representing nearly six sessions' worth of pent-up buying demand.
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Canaccord Genuity also chimed on on AMZN, raising its outlook to "buy" from "hold," and its price target to $750 from $600. Specifically, the brokerage said it regrets sitting out of the stock's stellar run in 2015, and is "taking this opportunity to upgrade the stock and re-join the majority which we believe is correct in this instance." Currently, AMZN sports 25 "buy" or better ratings, with not a single "sell" to be found. Plus, the consensus 12-month price target of $741.97 sits well above Amazon.com, Inc.'s Dec. 29 all-time high of $696.44. While the security is up 0.8% at $538.42 on the upgrade -- extending recent gains -- it's running out of steam near its 200-day moving average, a trendline that could serve as a short-term ceiling for the shares.
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