Marvell Technology, Inc. MRVL shares are trading lower Friday after the company reported Q2 financial results after the market close on Thursday.
The Details:
Marvell Technology reported earnings of $0.33 cents per share and revenue of $1.341 billion, representing a decline of 12% year-over-year.
Matt Murphy, CEO of Marvell, said, "Marvell delivered second quarter fiscal 2024 revenue above the midpoint of guidance, and we are forecasting sequential revenue growth to accelerate in the third quarter. This growth is being driven primarily by AI and cloud infrastructure."
"Demand from AI applications continues to strengthen, driving our overall revenue outlook from AI for this fiscal year even higher than previously outlined. Our strategy to focus on data infrastructure across a diverse set of end markets is serving us well despite the backdrop of a softening macroenvironment."
Several analysts updated their ratings and price targets following the release of the financial reports:
- Morgan Stanley analyst Joseph Moore maintained Marvell Technology with an Equal-Weight and lowered the price target from $68 to $65.
- B. Riley Securities analyst Craig Ellis maintained Marvell with a Buy and raised the price target from $75 to $77.
- Oppenheimer analyst Rick Schafer reiterated Marvell Tech with an Outperform and maintained a $70 price target.
- Needham analyst Quinn Bolton reiterated Marvell with a Buy and maintained $65 price target.
- Rosenblatt analyst Hans Mosesmann reiterated Marvell Technology with a Buy and maintained a $100 price target.
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MRVL Price Action: According to Benzinga Pro, shares of MRVL are down 8.5% at $52.41 at the time of publication.
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