RBC Capital Markets Analyst Doug Freedman says Marvell Technology Group Ltd. (MRVL) is currently his top pick among semiconductor stocks. He says the current valuation is attractive and that there is opportunity for equity value appreciation whether business goes well or goes against the company.
“They are trying to compete in the wireless handset space. If, in fact, this goes against them, I believe they could exit the business the way Broadcom (BRCM) did and equity investors would be rewarded,” Freedman says. “There are also legal issues that have recently gone against the company that I think if those turn around, you could get a very positive reaction in the shares.”
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Meanwhile, Freedman says the market is definitely discounting the possibility that Marvell will do well in the wireless market.
“So Marvell is my top pick,” Freedman says. “We presently see north of 55% upside to where that stock is trading.”
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