Marvell Technology Group (NASDAQ:MRVL) – This Bermuda-based company is a global provider of silicon solutions for data storage, communications and consumer markets. Storage requirements are increasing rapidly, and MRVL provides solutions primarily for hard-disk drives, tape, optical and solid-state drive markets. Its customers include Hitachi, Samsung, Seagate Technology (NASDAQ:STX), Toshiba and Western Digital (NYSE:WDC).
Several analysts have had a target of over $20 on the stock, but the recent breakout on heavy volume through a solid resistance line at $16 with a golden cross is extraordinary and could be telling us that something unusual is happening.
MRVL was recently started at a “buy” by Canaccord Genuity, and Credit Suisse has an “outperform” on the stock with a target of $22. The trading target could be $20-plus.