Needham & Company Reiterates Hold on Marvell Technology (MRVL) Following 3Q Report

November 18, 2016 8:36 AM EST
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Price: $14.47 --0%

Rating Summary:
    17 Buy, 21 Hold, 6 Sell

Rating Trend: = Flat

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Needham & Company reiterated a Hold rating on Marvell Technology (NASDAQ: MRVL) following the company's 3Q earnings report. Marvell reported revenue and NG EPS of $654MM/$0.20, well ahead of the high end of guidance. Results benefited from $16MM of storage shipments pushed from F2Q to F3Q. Management guided F4Q17 revenue to $565MM +/- 2% ($554MM-$576MM), below $600MM estimates. NG EPS is expected to be $0.17-$0.21, above $0.16 estimates.

Analyst Quinn Bolton commented, "Marvell reported strong F3Q17 results that easily exceeded the high end of guidance while providing a mixed outlook for F4Q17. NG GM continues to expand at a faster than expected pace and exceeded expectations for both quarters. The better than expected margins along with a newly announced $1bn share buyback program led to strong share price gains in the aftermarket. However, while we are encouraged by the improving margins of the company, we continue to have concerns about the overall growth profile of the business. Accordingly, we maintain our Hold rating at this time."

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 $13.36 yesterday.

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