Marvell Technology Posts Solid Q3 Beat: Analysts Raise Forecasts, Expect 40%-50% Earnings Growth
Shares of Marvell Technology Inc (NASDAQ:MRV) climbed in early trading on Wednesday, after the company reported upbeat earnings for the third quarter.
- Bank of America Securities analyst Vivek Arya maintained a Buy rating, while raising the price target from $108 to $125.
- Stifel analyst Tore Svanberg reiterated a Buy rating, while raising the price target from $114 to $125.
- Goldman Sachs analyst Toshiya Hari reiterated a Buy rating, while raising the price target from $87 to $115.
- Oppenheimer analyst Rick Schafer maintained an Outperform rating, while raising the price target from $110 to $125.
- KeyBanc Capital Markets analyst John Vinh reaffirmed an Overweight rating, while raising the price target from $95 to $125.
- Piper Sandler analyst Harsh Kumar maintained an Overweight rating, while raising the price target from $100 to $120.
- Cantor Fitzgerald analyst Quinn Bolton maintained a Buy rating, while raising the price target from $95 to $120.
Check out other analyst stock ratings.
BofA Securities: Marvell Technology presents “a unique investment in AI electro-optics and custom chips,” Arya said. It also has more than 75% data center exposure, and is well positioned to drive 40%-50% annual earnings growth for the next several years.
The company delivered a strong beat and raise quarter, the analyst stated. “We see upside to both MRVL’s custom chip ramp and to its operating margin,” he wrote.
Stifel: Marvell delivered its quarterly results at the high-end of its guidance, Svanberg said. Data center and AI revenues grew by 25% sequentially “on significant …
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