On Wednesday, Marvell Technology got an upgrade for its IBD SmartSelect Composite Rating from 94 to 98.
The upgrade means the stock is now outperforming 98% of all other stocks in terms of key performance metrics and technical strength. Winning stocks often have a 95 or higher grade in the early stages of a new price run, so that's a good starting point when looking for the best stocks to buy and watch.
Marvell Technology stock has now climbed above a proper buy zone after clearing the 64.17 buy point in a earlier flat base. It is currently consolidating, trying to retake several moving averages.
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Earnings Expected March 3
Another weak spot is the company's 79 EPS Rating, which tracks quarterly and annual earnings growth. Look for that to improve to 80 or better to show it's in the top 20% of all stocks.
Its Accumulation/Distribution Rating of C shows a roughly equal amount of buying and selling by institutional investors over the last 13 weeks.
The company posted 72% earnings-per-share growth for Q3. That marks two straight reports with rising EPS growth. Sales growth increased 61%, up from 48% in the prior report. The company has now posted increasing growth in each of the last three quarters. The company's next quarterly report is expected on or around Mar. 3.
Marvell Technology stock earns the No. 3 rank among its peers in the Electronics-Semiconductor Fabless industry group. Alpha & Omega Semiconductor is the top-ranked stock within the group.
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