Marvell Technology Gets Price Targets Cuts By Analysts After Q4 Results

Marvell Technology, Inc. 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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