Analyst Upgrades: Marvell Technology Group Ltd., NVIDIA Corporation, and Amazon.com, Inc.

Analysts upwardly revised their ratings and price targets on Marvell Technology Group Ltd. (NASDAQ:MRVL), NVIDIA Corporation (NASDAQ:NVDA), and Amazon.com, Inc. (NASDAQ:AMZN)

by Karee Venema

Published on Feb 18, 2016 at 9:57 AM

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.

  • 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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