Analyst Update: Marvell Technology Group Ltd., Alibaba Group Holding Ltd, and Amazon.com, Inc.

Analysts are weighing in on Marvell Technology Group Ltd. (MRVL), Alibaba Group Holding Ltd (BABA), and Amazon.com, Inc. (AMZN)

by Kirra Fedyszyn

Published on Oct 12, 2016 at 3:02 PM
Updated on Jun 24, 2020 at 10:16 AM

Analysts are weighing in on semiconductor stock Marvell Technology Group Ltd. (NASDAQ:MRVL), as well as online retailers Alibaba Group Holding Ltd (NYSE:BABA) and Amazon.com, Inc. (NASDAQ:AMZN). Here's a quick roundup of today's brokerage notes on MRVL, BABA, and AMZN.

  • Credit Suisse raised its rating on MRVL to "outperform" from "neutral," and increased its price target to $17.50 from $13.50, sending the stock up 0.7% to $12.92. Marvell Technologies Group Ltd. has been a strong performer on the charts, adding 46.5% so far in 2016, but the brokerage bunch has been slow to give the stock credit. In fact, the majority of the analysts tracking MRVL maintain a "hold" or worse rating on the shares. Pessimism may be building among traders, too -- short interest on the stock popped by nearly 54% during the most recent two-week reporting period, though these bearish bets still represent just 2.6% of MRVL's available float.
  • BABA has slipped 1.7% to $103.45 despite a price-target hike to $125 from $110 at SunTrust Robinson, which also reiterated its bullish "buy" rating on the shares. Meanwhile, Alibaba Group Holdings Ltd today announced a new payment system -- VR Pay -- that will allow users to pay for purchases with a nod of the head while using virtual reality goggles. BABA has added 75% from its February lows, but there is still plenty of room for an unwinding of lingering bearish sentiment to give the stock an extra boost. Specifically, more than 10% of BABA's total float is currently sold short, accounting for roughly six sessions' worth of trading, at the equity's average daily volumes.

  • Yet another analyst is setting its sights on a four-digit stock price for long-time outperformer AMZN. Cantor Fitzgerald raised its price target on the stock to the $1,000 mark from $835, citing acceleration in e-commerce revenue growth, and noting that "Amazon is disproportionately benefitting from this trend." Amazon.com, Inc. also upped its music streaming game today, launching a new subscription service with prices starting at $3.99 per month for users who already own the company’s voice-controlled Echo speaker. Amazon Music Unlimited subscriptions are also available to Amazon Prime members who do not own an Echo, as well as non-Prime members, but at higher price points. AMZN has been flying up the charts in recent months, tapping a series of higher highs, so it's no surprise 90% of analysts rate the stock a "buy" or better. The shares were last spotted up 0.6% at $836.
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