- Wells Fargo analyst Gary Mobley reiterated Marvell Technology, Inc (NASDAQ:MRVL) with an Overweight with a $58 price target.
- While MRVL will not be able to avoid global macro pressures altogether, he believes the company is heavily insulated from the consumer weakness most pronounced in the current macro softness.
- When the global economy does find more sure footing, he believes MRVL’s fundamentals and share price can outperform peers’ in the broader chip sector.
- Mobley expects MRVL to post above-consensus October quarter results and January quarter guidance.
- The price target is near the lower end of MRVL’s prior two-year valuation parameters. Still, it represents a premium to SOX index current multiples, perhaps justified by MRVL’s above-average EPS growth.
- More specifically, he believes the SOX index should trade at 20.0x a normalized EPS level (versus trading well below 20.0x NTM EPS as investors discounted EPS cuts).
- His assumption that MRVL trades at a premium to the SOX is consistent with his messaging.
- Price Action: MRVL shares traded higher by 1.43% at $42.15 on the last check Tuesday.
Black Knight Inc Hires Truist Financial Corp To Explore Sale Of Empower – Sources
Mortgage data vendor Black Knight Inc BKI.N has decided to put its Empower loan origination software business up for sale in an effort to overcome U.S. antitrust concerns over its $13.1 billion proposed
