Marvell Technology (MRVL): Reiterate Hold On Lower Guidance - Jefferies
Get Alerts MRVL Hot Sheet
Rating Summary:
45 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Jefferies analyst, Mark Lipacis, reiterated his Hold rating on shares of Marvell (NASDAQ: MRVL) after the July quarter EPS beat but the outlook for the October quarter was weaker than expected. July quarter sales of $626M was slightly below consensus $630M (guidance $625-635M) but GM of 54.6% was above consensus 53% (guidance 52-54%) resulting in an 18c EPS beat, vs. consensus $0.11.
The real sticking point is guidance. Marvel's Oct Q sales/EPS outlook of $614M/$0.11 (midpts) were 450bps and 4c below consensus.
No change to the price target of $13.
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 $12.94 yesterday.
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