Story updated at 10 a.m. to reflect market activity.
Shares of Marvell gained 1.9% to $13.64 in morning trading.
The analyst firm also its EPS estimates for the chipmaker through 2016. JMP expects Marvell to report earnings of $1.20 a share for 2015, up from its previous estimate of $1.17 a share. For 2016 JMP estimates earnings of $1.05 a share, up from its prior estimate of $1.00 a share for the year.
The upgrade is due to "accelerating China Mobile 4G LTE subscriber additions, and the announcement that the Xbox One gaming console is due to go on sale in China on September 29," analyst Alex Guana wrote.
Separately, TheStreet Ratings team rates MARVELL TECHNOLOGY GROUP LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MARVELL TECHNOLOGY GROUP LTD (MRVL) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and attractive valuation levels. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."