Marvell Technology, Inc. (NASDAQ:MRVL) reported mixed Q4 results and issued Q1 EPS guidance below estimates.
Marvell Technology reported earnings per share of 46 cents, missing the consensus estimate of 47 cents on revenues of $1.419 billion, which beat the consensus estimate of $1.4 billion.
Marvell said it expects Q1 revenue to be roughly $1.3 billion plus or minus 5%, falling short of the $1.38 billion estimates and sees adjusted EPS at 29 cents plus or minus 0.05, missing the 41 cent consensus.
Marvell Tech shares dropped 8.2% to $42.44 in pre-market trading.
These analysts made changes to their price targets on Marvell Tech following the release of results.
- Keybanc cut the price target on Marvell Tech from $65 to $60. Keybanc analyst John Vinh maintained an Overweight rating.
- Raymond James lowered the price target on Marvell Tech from $54 to $50. Raymond James analyst Srini Pajjuri maintained an Outperform rating.
- Needham, meanwhile, maintained the stock with a Buy and $50 price target.
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