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These Analysts Revise Their Forecasts On Marvell Technology Following Q2 Results

Marvell Technology, Inc. (NASDAQ: MRVL) reported better-than-expected earnings for its second quarter.
byLisa Levin
August 25, 2023
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Marvell Technology, Inc. (NASDAQ:MRVL) reported better-than-expected earnings for its second quarter.

The company reported quarterly earnings of 33 cents per share, which beat the analyst consensus estimate of 32 cents. The company reported quarterly sales of $1.34 billion, which beat the analyst consensus estimate of $1.33 billion.

Marvell issued third-quarter 2024 revenue guidance of $1.4 billion plus or minus 5%, versus the $1.39 billion estimate.

Marvell Technology shares fell 8.5% to trade at $52.43 on Friday.

These analysts made changes to their price targets on Marvell Technology following earnings announcement.

  • Morgan Stanley cut the price target on Marvell Technology from $68 to $65. Morgan Stanley analyst Joseph Moore maintained an Equal-Weight rating.
  • B. Riley Securities raised the price target on Marvell Technology from $75 to $77. B. Riley Securities analyst Craig Ellis maintained a Buy rating.
  • Oppenheimer analyst Rick Schafer, meanwhile, reiterated Marvell Tech with an Outperform and maintained a $70 price target.
  • Needham analyst Quinn Bolton reiterated Marvell Tech with a Buy and maintained a $65 price target.
  • Rosenblatt analyst Hans Mosesmann reiterated Marvell Tech with a Buy and maintained a $100 price target.

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