Marvell Technology (MRVL) Tops Q1 EPS by 2c; Guides Higher at Mid-Point
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June 8, 2021 8:48 AM EDT
Shares of Marvell (NASDAQ: MRVL) are trading about 5.5% higher in pre-open trading Tuesday after the company reported better-than-expected earnings for its Q1.
The California-based company said it made a profit of $0.29 per share on sales of $832.3 million for the quarter ending May 01. This compares to analysts expectations of $0.27 per share on sales of $806.7 million.
"We began fiscal 2022 on a strong note, with stand-alone Marvell revenue growing 17% year-over-year for the first quarter. The acquisition of Inphi increases and accelerates our growth opportunity in the data center, Marvell's largest end market by revenue,"... More
June 8, 2021 8:42 AM EDT
Jefferies analyst Mark Lipacis raised the price target on Marvell (NASDAQ: MRVL) to $58.00 (from $55.00) while maintaining a Buy rating.
The analyst commented, "MRVL beat and raised on 17% YY growth in Marvell stand-alone revenue for both 1Q22and 2Q22. The IPHI acquisition is... More
June 8, 2021 8:17 AM EDT
Susquehanna analyst Christopher Rolland raised the price target on Marvell (NASDAQ: MRVL) to $64.00 (from $62.00) while maintaining a Positive rating.
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June 8, 2021 7:26 AM EDT
Needham & Company analyst Quinn Bolton raised the price target on Marvell (NASDAQ: MRVL) to $55.00 (from $50.00) while maintaining a Buy rating.
The analyst commented, "Marvell reported solid F1Q22 results with F2Q22 revenue guidance coming in ~$35MM above our estimate, largely... More
