Marvell Technology (MRVL) Falls Despite Raised Guidance
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Marvell Technology Group Ltd. (Nasdaq: MRVL) delivered a upside revenue surprise this morning, but with the stock up 73% YTD investors are "selling the news". Shares of MRVL are down 4% in afternoon action.
Marvell Technology now projects net revenues for the second quarter to increase to a range of $600 million to $630 million, versus prior guidance of $540 million to $580 million and the consensus of $559.3 million.
One Wall Street analyst at Calyon Securities is using the news to downgrade the stock from Outperform to Underperform. Others on the street were more positive:
- Thomas Weisel raised their price target from $12 to $14, maintaining an Overweight rating.
- Needham raised their price target from $13 to $14, maintaining a Buy rating.
- JP Morgan raised their price target from $12.50 to $14.50, maintaining an Overweight rating.
- Goldman Sachs raised their price target from $14 to $15, maintaining a Buy rating.
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