Brean Capital Maintains Buy on Marvell Technology (MRVL) Following Q1

Brean Capital maintains a Buy rating and $16 price target on Marvell (NASDAQ: MRVL) following April's quarter results. Analyst Mike Burton said that MRVL reported a 16% sequential decline in revenue, MRVL's 4th consecutive miss.

"Marvell reported April quarter results in line with their negative pre-announcement (off already lower-than-expected guidance) and guided July flat sequentially for their 4th consecutive miss. We are adjusting our estimates to account for the updated guidance. We continue to believe that it is ‘more likely than not’ that MRVL will exit its baseband business and see a significant reduction in the damages from the CMU litigation; we are therefore maintaining our $16 target price and Buy rating."

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 $14.37 yesterday.

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