Marvell Technology Analysts Slash Their Forecasts After Q1 Earnings

Marvell Technology, Inc. MRVL posted better-than-expected earnings for the first quarter on Thursday.

Marvell reported quarterly adjusted earnings of 62 cents per share, which beat the Street estimate of 61 cents. Quarterly revenue came in at $1.9 billion, which beat the consensus estimate of $1.88 billion.

"Marvell delivered record revenue in the first quarter of $1.895 billion, a 63% year-over-year increase, and we are forecasting continued strong growth into the second quarter," said Matt Murphy, Marvell's CEO. "This momentum is being fueled by strong AI demand in the data center end market, where our revenue is benefiting from the rapid scaling of our custom silicon programs and robust shipments of our electro-optics products."

Marvell sees second-quarter net revenue of $2 billion, plus or minus 5%, and non-GAAP EPS of 67 cents, plus or minus five cents.

Marvell shares fell 6.9% to trade at $59.34 on Friday.

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

Needham analyst Quinn Bolton maintained Marvell Tech with a Buy and lowered the price target from $100 to $85.
Wells Fargo analyst Aaron Rakers maintained the stock with an Overweight rating and lowered the price target from $120 to $95.
Keybanc analyst John Vinh maintained the stock with an Overweight rating and lowered the price target from $115 to $90.
Piper Sandler analyst Harsh Kumar reiterated Marvell Tech with an Overweight rating and lowered the price target from $95 to $85.
Evercore ISI Group analyst Mark Lipacis maintained the stock with an Outperform rating and lowered the price target from $135 to $133.
Raymond James analyst Srini Pajjuri reiterated the stock with an Outperform rating and lowered the price target from $110 to $90.

Considering buying MRVL stock? Here’s what analysts think: