Marvell Technology’s Revenues To Recover On AI Demand; These 9 Analysts Dive Into Q1 Results
Shares of Marvell Technology Inc (NASDAQ:MRVL) tanked in early trading on Friday, after the company missed earnings for its fiscal first quarter.
The results came amid an exciting earnings season. Here are some key analyst takeaways.
- Oppenheimer analyst Rick Schafer maintained an Outperform rating, while raising the price target from $80 to $90.
- Stifel analyst Tore Svanberg reiterated a Buy rating, while lifting the price target from $86 to $90.
- BofA Securities analyst Vivek Arya reaffirmed a Buy rating and price target of $95.
- Needham analyst Quinn Bolton maintained a Buy rating and price target of $95.
- JPMorgan analyst Harlan Sur reiterated an Overweight rating and price target of $90.
- Rosenblatt Securities analyst Hans Mosesmann reaffirmed a Buy rating and price target of $100.
- Piper Sandler analyst Harsh Kumar maintained an Overweight rating and price target of $100.
- Cantor Fitzgerald analyst C.J. Muse reiterated an Overweight rating and price target of $85.
- Roth Capital Partners analyst Suji Desilva reaffirmed a Buy rating on the stock.
Check out other analyst stock ratings.
Oppenheimer: Marvell Technology reported quarterly results broadly in-line with expectations. Carrier/enterprise/consumer (~23% sales) were “down ~70% Y/Y combined,” Schafer said in a note. The second quarter is likely to be sequentially flat, he added.
The analyst stated that management now expects AI-related revenues to surpass $1.5 billion this year. “We see 2H tailwinds accelerating into CY25 led by multiple new product cycles and share/content gains,” he further wrote.
Stifel: The quarterly results were “slightly above midpoint,” as the company’s data center AI revenues continue to exceed expectations,” Svanberg said. All other end markets are likely to trough in the July quarter, he added.
“AI floor continues to be raised, as we now believe that our prior estimates for AI-related revenue to be $1.5bn+ in FY25E could be comfortably surpassed,” the analyst further stated.
BofA Securities: Marvell …
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