Marvell Technology (MRVL) Will Delay 10-Q Filing; Notes Probe into Internal Controls

UBS Cuts Price target on Marvell Technology (MRVL) Given Additional Details on Delayed 2Q16 Results

UBS reiterated a Neutral rating on Marvell (NASDAQ: MRVL), and cut the price target to $9.10 (from $14.00) given the release of additional details surrounding the company's delayed 2Q16 results. Marvell published preliminary F2Q16 revenues of $711M that included approximately $50M of revenues primarily related to storage/HDD controllers.

Analyst Stephen Chin... More

B. Riley Downgrades Marvell (MRVL) to Neutral

B. Riley downgraded Marvell (NASDAQ: MRVL) from Buy to Neutral with a price target of $10.00 (from $17.00).

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 $8.84 yesterday.

Morgan Stanley Downgrades Marvell (MRVL) to Equalweight

Morgan Stanley downgraded Marvell (NASDAQ: MRVL) from Overweight to Equalweight with a price target of $9.50 (from $17.50).

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 $8.84 yesterday.

Marvell's (MRVL) Price Target Reduced to $10 at Deutsche Bank

Deutsche Bank maintained a Hold rating on Marvell (NASDAQ: MRVL) and reduced its price target to $10.00 (from $14.00). Earlier Marvell reported disappointing preliminary Q2 results and an audit committee investigation.

Commenting on the news, analyst Ross Seymore said, "MRVL reported preliminary F2Q16 GAAP results and announced an independent investigation of certain F2Q16 rev rec... More

FBR Capital Downgrades Marvell (MRVL) to Market Perform

FBR Capital downgraded Marvell (NASDAQ: MRVL) from Outperform to Market Perform with a price target of $9.00.

Analyst Chris Rolland commented, "On Friday morning, September 11, Marvell reported worse-than-expected C2Q15 results and failed to offer 3Q15 guidance as the company announced an... More

RBC Capital Cuts Price Target on Marvell Technology (MRVL) to $9 Following 1Q16 Preliminary Results

RBC Capital maintained a Sector Perform rating on Marvell (NASDAQ: MRVL), and cut the price target to $9.00 (from $13.00), following announced preliminary financial results for 1Q16. Analyst Mitch Steves said that the results suggests incremental softness from a demand perspective.

Steves commented,... More

UPDATE: Brean Capital Downgrades Marvell (MRVL) to Hold

(Updated - September 11, 2015 9:44 AM EDT)

(update reflects downgrade to hold)

Brean Capital downgraded Marvell (NASDAQ: MRVL) from Buy to Hold on account investigation.

Analyst Mike Burton commented, "Marvell announced preliminary GAAP results and an Audit Committee investigation into accounting and... More

Needham & Company Downgrades Marvell (MRVL) to Hold

Needham & Company downgraded Marvell (NASDAQ: MRVL) from Buy to Hold amid the audit committee investigation.

Analyst N. Quinn Bolton commented, "When Marvell delayed the release of its F2Q16 results three weeks ago, we were hopeful the delay was a sign the... More

Susquehanna Downgrades Marvell (MRVL) to Neutral Amid Accounting Investigation

Susquehanna downgraded Marvell (NASDAQ: MRVL) from Positive to Neutral with a price target of $9.00 (from $16.00) amid accounting investigation.

Analyst Chris Caso commented, "We are downgrading MRVL from a Positive to a Neutral rating amid the companys disclosure this morning of an investigation into its accounting and... More

Marvell Technology (MRVL) Misses Q2 GAAP Loss of 74c/Share

Marvell Technology (NASDAQ: MRVL) reported Q2 EPS of ($0.74), $0.85 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $711 million versus the consensus estimate of $725.01 million.

The Company also announced that the Audit Committee of the Companys Board of Directors is conducting an independent investigation of certain accounting and internal control matters in the second quarter of fiscal 2016. Senior management has cooperated fully with the Audit Committees investigation, and is fully committed to supporting the Audit Committee in this process.

The investigation consists of a review of certain... More