Marvell Technology, Inc. MRVL posted better-than-expected second-quarter earnings, but issued third-quarter sales guidance with a midpoint below estimates.
Marvell reported quarterly earnings of 67 cents per share, which beat the analyst estimate of 66 cents. Quarterly revenue came in at $2.006 billion which missed the Street estimate of $2.009 billion.
Marvell is looking for third-quarter adjusted earnings of between 69 cents and 79 cents per share, versus the 72-cent estimate, and revenue in a range of $1.957 billion to $2.163 billion, versus the $2.105 billion analyst estimate.
"Marvell delivered record revenue of $2.006 billion in the second quarter -- a 58% year-over-year increase -- and we expect continued growth into the third quarter, accompanied by operating margin and earnings per share expansion," said Matt Murphy, Marvell's CEO.
Marvell shares gained 3.3% to close at $77.23 on Thursday.
These analysts made changes to their price targets on Marvell following earnings announcement.
Jefferies analyst Blayne Curtis maintained Marvell Tech with a Buy and lowered the price target from $90 to $80. B of A Securities analyst Vivek Arya downgraded the stock from Buy to Neutral and cut the price target from $90 to $78. Needham analyst N. Quinn Bolton maintained Marvell Tech with a Buy and lowered the price target from $85 to $80. Evercore ISI Group analyst Mark Lipacis maintained the stock with an Outperform rating and slashed the price target from $133 to $122. Rosenblatt analyst Kevin Cassidy maintained Marvell Tech with a Buy and lowered the price target from $124 to $95.
Considering buying MRVL stock? Here's what analysts think:
Read This Next:
Alibaba, Dell And 3 Stocks To Watch Heading Into Friday
Photo via Shutterstock
MRVLMarvell Technology Inc$65.86-14.7%Stock Score Locked: Edge Members Only
Benzinga Rankings give you vital metrics on any stock - anytime.
Unlock RankingsEdge RankingsMomentum28.19Growth20.31QualityN/AValue17.89Price TrendShortMediumLongOverviewMarket News and Data brought to you by Benzinga APIs