UPDATE: Citigroup Reiterates on Marvell Technology on Solid Quarter, Better-than-Expected Top Line Guide

In a report published Friday, Citigroup analyst Glen Yeung reiterated a Neutral rating on Marvell Technology (NASDAQ: MRVL), and raised the price target from $16.00 to $17.00.

In the report, Citigroup noted, “Marvell reported FYQ4'14 sales of $932m, above street estimates for $901m and non-GAAP diluted EPS of $0.29, significantly above consensus of $0.25. The company saw strength in Storage (+3%q/q), with better than expected demand and market share gains in HDD. Marvell also highlighted better than expected demand for SSDs at Tier 1 OEMs. We believe Marvell is gaining share here given the recent dynamics with a major competitor in NAND controllers. While Mobile & Wireless declined -14%q/q with seasonal declines in wireless connectivity, Networking increased +5%q/q driven by enterprise and service provider spending.”

Marvell Technology closed on Thursday at $16.13.