Marvell (MRVL) PT Lowered to $52 at UBS Despite Guidaing Ahead of Consensus
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UBS analyst Timothy Arcuri lowered the price target on Marvell (NASDAQ: MRVL) to $52.00 (from $53.00) after guidance exceeded sell-side estimates but is likely to be viewed as slightly disappointing given the strength of comparable reports.
The analyst maintained a Buy rating, stating "The good news is that networking guidance was still okay despite the constraints and guidance was really held back more by lumpiness in certain segments of the storage business, which should reverse in FQ2. Also, given how much the stock has lagged over the past 1mo/3mos, we are hard pressed to really believe that most investors expected a big breakout Q. Guidance aside, it is hard to find much fault with the core narrative as storage is growing ~10% Y/Y, networking is growing >20% Y/Y (pro-forma for WiFi divestiture), recent cloud wins are starting to layer on top of the 5G story, and autos is starting to become a real thing for MRVL".
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