Barclays Lowers Estimates on Marvell (MRVL); Buyback and Taxes Only a Band-Aid
Tweet
Share
E-mailGet Alerts MRVL Hot Sheet
Price: $62.88 --0%
Rating Summary:
45 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 7 | New: 3
Rating Summary:
45 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 7 | New: 3
Join SI Premium – FREE
Barclays maintains an 'Equalweight' on Marvell (NASDAQ: MRVL) price target of $14.00.
Analyst, Blayne Curtis, said, "Marvell reported July revenues well below expectations but buybacks and lower taxes resulted in EPS only marginally below the Street. October guidance was also soft on muted HDD growth and a weaker outlook for Mobile & Wireless. While we understand the return of shareholder equity through buyback and dividends, we believe investors will just compress the multiple further on earnings growth through buybacks and remain on the sidelines until we gain greater visibility on material top line drivers."
Curtis lowers FY12 EPS estimate from $1.08 to $0.94 and FY13 from $1.22 to $1.13. FY12 revenues cut from $3.402B to $3.249B and FY13 from $3.642B to $3.527B.
For an analyst ratings summary and ratings history on Marvell click here. For more ratings news on Marvell click here.
Shares of Marvell closed at $12.28 yesterday.
Analyst, Blayne Curtis, said, "Marvell reported July revenues well below expectations but buybacks and lower taxes resulted in EPS only marginally below the Street. October guidance was also soft on muted HDD growth and a weaker outlook for Mobile & Wireless. While we understand the return of shareholder equity through buyback and dividends, we believe investors will just compress the multiple further on earnings growth through buybacks and remain on the sidelines until we gain greater visibility on material top line drivers."
Curtis lowers FY12 EPS estimate from $1.08 to $0.94 and FY13 from $1.22 to $1.13. FY12 revenues cut from $3.402B to $3.249B and FY13 from $3.642B to $3.527B.
For an analyst ratings summary and ratings history on Marvell click here. For more ratings news on Marvell click here.
Shares of Marvell closed at $12.28 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Evercore ISI Downgrades SunPower (SPWR) to In Line
- KLA Corporation (KLAC) PT Raised to $725 at Citi
- Wells Fargo Upgrades Datadog (DDOG) to Overweight
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS ViewRelated Entities
Barclays, Dividend, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
