Marvell Technology Analysts Slash Their Forecasts After Q1 Earnings

Core Insights - Marvell Technology, Inc. reported better-than-expected earnings for the first quarter, with adjusted earnings of 62 cents per share, surpassing the Street estimate of 61 cents [1] - The company achieved quarterly revenue of $1.9 billion, exceeding the consensus estimate of $1.88 billion [1] - Marvell's CEO, Matt Murphy, highlighted a record revenue of $1.895 billion for the first quarter, representing a 63% year-over-year increase, and forecasted continued strong growth into the second quarter [2] Financial Performance - The first quarter adjusted earnings were 62 cents per share, beating the expected 61 cents [1] - Quarterly revenue was reported at $1.9 billion, surpassing the consensus estimate of $1.88 billion [1] - The company anticipates second-quarter net revenue of $2 billion, with a margin of plus or minus 5%, and non-GAAP EPS of 67 cents, also with a margin of plus or minus five cents [2] Market Reaction - Following the earnings announcement, Marvell shares fell by 6.9%, trading at $59.34 [3] - Analysts adjusted their price targets for Marvell after the earnings report, with several maintaining their ratings but lowering their targets significantly [6] Analyst Ratings - Needham analyst Quinn Bolton maintained a Buy rating but lowered the price target from $100 to $85 [6] - Wells Fargo analyst Aaron Rakers kept an Overweight rating while reducing the price target from $120 to $95 [6] - Keybanc analyst John Vinh maintained an Overweight rating and lowered the price target from $115 to $90 [6] - Piper Sandler analyst Harsh Kumar reiterated an Overweight rating with a reduced price target from $95 to $85 [6] - Evercore ISI Group analyst Mark Lipacis maintained an Outperform rating, lowering the price target from $135 to $133 [6] - Raymond James analyst Srini Pajjuri reiterated an Outperform rating and reduced the price target from $110 to $90 [6]