Marvell Technology Gets Price Targets Cut By Analysts After Downbeat Q3 Results, Shares Drop

Marvell Technology Gets Price Targets Cut By Analysts After Downbeat Q3 Results, Shares Drop

Marvell Technology, Inc. MRVL reported weaker-than-expected results for its third quarter and issued weak forecast for the current quarter.

Marvell said third-quarter revenue grew by 27% year-over-year to $1.537 billion. The number missed average analyst estimates of $1.56 billion. The company reported third-quarter earnings of 57 cents per share, which also missed estimates.

Marvell expects fourth-quarter revenue of $1.4 billion, plus or minus 5% versus estimates of $1.61 billion. The company sees fourth-quarter earnings between 41 cents and 51 cents per share versus estimates of 62 cents per share.

Marvell Tech shares fell 4.7% to trade at $43.25 on Friday.

These analysts made changes to their price targets on Marvell Tech following the release of quarterly results.

  • Keybanc cut the price target on the stock from $75 to $65. Keybanc analyst John Vinh maintained an Overweight rating on the stock.
  • Needham slashed Marvell Tech price target from $64 to $50. Needham analyst Quinn Bolton maintained a Buy rating on the stock.
  • Piper Sandler cut the price target on Marvell Tech from $80 to $55. Piper Sandler analyst Harsh Kumar maintained an Overweight rating on the stock.
  • Raymond James reduced the price target on Marvell Tech from $80 to $60. Raymond James analyst Melissa Fairbanks maintained the stock with an Outperform.
  • Barclays cut the price target on Marvell Tech from $60 to $55. Barclays analyst Blayne Curtis maintained the stock with an Overweight.
  • Wells Fargo cut the price target from $58 to $54. Wells Fargo analyst Gary Mobley maintained the stock with an Overweight.
  • Goldman Sachs slashed the price target on Marvell Tech from $62 to $54. Goldman Sachs analyst Toshiya Hari maintained the stock with a Buy.
  • JP Morgan cut the price target from $75 to $72. JP Morgan analyst Harlan Sur maintained the stock with an Overweight.
  • UBS cut the price target from $80 to $75. UBS analyst Timothy Arcuri maintained the stock with a Buy.
  • Morgan Stanley lowered the price target on the stock from $60 to $41. Morgan Stanley analyst Joseph Moore maintained Marvell Tech with an Equal-Weight.
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