Bullish Stance on Marvell Technology; Vipshop Beats Q2 Estimates
- August 18th, 2023
- 370 views
Marvell Technology, Inc. (Nasdaq: MRVL), a prominent semiconductor company specializing in data infrastructure solutions, has been upgraded from Neutral to Buy by B. Riley Securities, coupled with an increased price target from $60 to $75.
With $MRVL closing at $57.56 on Monday, the adjusted price target suggests a potential upside of $17.44 or approximately 30.27%, based on the investment firm's outlook.
In other news, Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer in China, reported second-quarter 2023 adjusted earnings of $0.59 per share, exceeding the analyst consensus estimate of $0.44. The company's quarterly sales amounted to $3.84 billion, slightly above analysts' projected revenue of $3.83 billion.
In pre-market, $VIPS was trading at $15.60, down $0.63 (-3.88%).
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