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Marvell Technology Slips 30% YTD: Should You Hold or Fold the Stock?
ZACKS· 2025-07-02 16:10
Core Insights - Marvell Technology (MRVL) shares have declined 31% year to date, underperforming peers like Broadcom (AVGO) and Qualcomm (QCOM) which have seen returns of 14.2% and 3.8% respectively [1][8] - The decline raises questions about whether investors should hold or exit the stock to minimize losses [1] Performance Analysis - Marvell's stock performance is affected by lower margins from its custom AI silicon business, which is experiencing significant traction but incurs higher manufacturing costs [4][8] - The company faces macroeconomic uncertainties, particularly related to U.S.-China relations, as approximately 43% of its fiscal 2025 total revenues are derived from China [5] - Weakness in the consumer end market, particularly in gaming demand and irregular order patterns in the industrial sector, has further contributed to investor concerns [6] Growth Opportunities - Despite challenges, Marvell is witnessing substantial growth in its data center segment, with a 76% year-over-year revenue increase in the first quarter of fiscal 2026 [11] - The company is expanding its product portfolio, including custom Application Specific Integrated Circuits and Co-Packaged Optics technology, driven by the demand for AI and high-performance computing [9][10] - Marvell's collaboration with NVIDIA aims to enhance its offerings for hyperscaler customers, indicating a strategic move to capture more market share [12] Financial Projections - The Zacks Consensus Estimate for Marvell's 2026 revenues is projected at $8.2 billion, reflecting a year-over-year growth of 42.6% [14] - Earnings per share are estimated to reach $2.79, suggesting a significant year-over-year increase of 77.71% [14] Valuation Metrics - Marvell's current forward 12-month price-to-sales (P/S) multiple is 7.43x, below its one-year median of 9.54x and the industry average of 8.5x [16] - The stock is trading at a discount compared to Broadcom, which has a forward P/S ratio of 17.51x [16] Conclusion - Marvell Technology is currently facing several headwinds, including geopolitical tensions and shrinking margins, but maintains strong long-term fundamentals in the data center and high-speed networking markets [18] - The recommendation is to hold MRVL stock for now, considering the company's potential for recovery and growth [19]
MRVL Plunges 30% in 3 Months: Should You Buy, Sell or Hold the Stock?
ZACKS· 2025-06-03 15:56
Core Viewpoint - Marvell Technology's shares have declined 30.4% over the past three months, underperforming its peers in the semiconductor industry, raising concerns about whether investors should hold or exit the stock [1][2]. Group 1: Reasons for Underperformance - Rising trade tensions and slowing economic growth have pressured the technology sector, leading to widespread sell-offs in tech stocks [3]. - Approximately 43% of Marvell Technology's total revenues for fiscal 2025 are generated from the Chinese market, making the company's performance sensitive to U.S.-China relations [3][4]. - Weakness in the consumer end market, particularly due to volatility in gaming demand and irregular order patterns in the industrial sector, has contributed to investor concerns [5]. Group 2: Growth Opportunities - Rapid adoption of AI by enterprises is driving growth in Marvell Technology's data center segment, which is the company's largest segment [6][9]. - The company is positioned to benefit from the increasing reliance of hyperscalers on custom silicon for AI workloads, with strong momentum in electro-optics products and next-generation switch divisions [9][10]. - The transition from copper to optical connectivity in AI infrastructure presents a significant growth opportunity for Marvell Technology's Co-Packaged Optics technology [11]. Group 3: Financial Outlook - The Zacks Consensus Estimate for Marvell Technology's 2026 revenues is projected at $8.2 billion, indicating a year-over-year growth of 42%, with earnings expected to increase by 75.2% year-over-year to $2.75 per share [12]. - Marvell Technology has consistently beaten the Zacks Consensus Estimate in the past four quarters, with an average surprise of 3.6% [12]. Group 4: Valuation - The recent stock price drop has resulted in a forward 12-month price-to-sales (P/S) multiple of 6.11x, significantly below its one-year median of 9.82x and the industry average of 7.90x, making it an attractive buy for investors [13][16]. - Compared to peers, Marvell Technology's valuation is lower, with Broadcom and Ambarella at 17.13x and 6.11x respectively, while Qualcomm trades at 3.67x [16]. Group 5: Conclusion - Despite facing headwinds such as U.S.-China tensions and rising costs due to new tax policies, Marvell Technology has strong long-term fundamentals supported by its position in the data center and high-speed networking markets [17][18]. - The company's investment in AI provides long-term potential, suggesting that retaining MRVL stock is advisable at present [18].
Why Marvell's AI Revenue Could Top $4 Billion By 2025, Analyst Explains
Benzinga· 2025-05-27 17:31
JP Morgan analyst Harlan Sur maintained an Overweight rating on Marvell Technology, Inc. MRVL with a price forecast of $130 on Tuesday.This price forecast is based on Marvell’s strong market leadership in optical connectivity, synergies with its Storage, Networking, and embedded processing franchises, and its solid growth outlook in AI/Networking, Sur asserted.Marvell will report earnings on Thursday, and Sur expects a continued volume ramp of Amazon.Com, Inc. AMZN Trainium 2 ASIC and Alphabet Inc. GOOGL GO ...
MRVL to Post Q1 Earnings: Time to Buy, Sell or Hold the Stock?
ZACKS· 2025-05-26 14:51
Marvell Technology, Inc. (MRVL) is scheduled to report first-quarter fiscal 2026 results after market close on May 29, 2025.Marvell Technology anticipates revenues of $1.875 billion (+/- 5%) for first-quarter fiscal 2026. The Zacks Consensus Estimate for MRVL’s fiscal first-quarter revenues is pegged at $1.88 billion, indicating year-over-year growth of 61.6%.For the fiscal first quarter, the company expects non-GAAP earnings of 61 cents per share (+/- 5 cents per share). The Zacks Consensus Estimate for MR ...
Marvell Technology Plunges 17% in a Year: Hold or Fold the Stock?
ZACKS· 2025-05-08 14:35
Core Viewpoint - Marvell Technology, Inc. has experienced significant stock volatility, losing 17.3% over the past year, which is a stark contrast to the 11.5% growth in the Zacks Electronics - Semiconductors industry [1][4]. Market Performance - The decline in Marvell's stock price is attributed to broader market weaknesses, including a sell-off in tech stocks due to rising trade tensions, particularly concerning the U.S. government's actions towards China [4][5]. - Approximately 43% of Marvell's total revenues for fiscal 2025 are generated from the Chinese market, making geopolitical tensions a significant concern for the company [4][5]. Growth Opportunities - Marvell is benefiting from the increasing demand for custom silicon in AI workloads, with AI-based revenues exceeding the $1.5 billion target in fiscal 2025 and expectations to surpass $2.5 billion in fiscal 2026 [6][10]. - The company is positioned as a leader in high-performance computing, supported by collaborations with major hyperscalers, which are expected to drive revenue growth from custom XPU solutions in fiscal 2027 and beyond [7][10]. Technological Advancements - Marvell is capitalizing on the shift towards enhanced networking and interconnect products in data centers, introducing high-speed optical interconnects that reduce power usage by 20% [8][9]. - The transition from copper to optical connectivity in AI infrastructure presents a substantial growth opportunity, with Marvell's Co-Packaged Optics technology and 2nm silicon IP development reinforcing its market position [9]. Financial Outlook - The Zacks Consensus Estimate for Marvell's 2026 revenues is projected at $8.3 billion, indicating a year-over-year growth of 43.8%, with earnings expected to reach $2.76 per share, reflecting a 75.8% increase [10]. - Marvell has consistently beaten the Zacks Consensus Estimate in the past four quarters, with an average surprise of 4.3% [10]. Strategic Collaborations - Marvell has established partnerships with industry leaders like NVIDIA, Juniper Networks, and Coherent Corp. to develop high-speed networking technology tailored for AI workloads [11][12][13]. - These collaborations aim to integrate Marvell's optical interconnect solutions with NVIDIA's AI technology and create networking solutions that support AI, cloud, and 5G applications [12][13]. Valuation - The recent drop in stock price has resulted in a forward 12-month price-to-sales (P/S) multiple of 5.59X, significantly lower than its one-year median of 10.16X and the industry average of 6.81X, making it an attractive investment option [14]. Conclusion - Despite facing near-term challenges, Marvell's strong fundamentals and position in the data center and high-speed networking market suggest that the stock remains a viable hold for investors [17][18].
【海外TMT】Marvell和博通AI相关收入均实现高增长,下财季AI收入指引表现不一——AI算力产业链跟踪报告三十一(付天姿)
光大证券研究· 2025-03-07 14:30
点击注册小程序 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 1)FY25Q1:公司营收149.16亿美元,YoY+25%,QoQ+6%,超彭博一致预期的146.15亿美元;调整后 EBITDA 100.83亿美元,YoY+41%,QoQ+11%,超彭博一致预期96.25亿美元;Non-GAAP净利润78.23亿 美元,YoY+49%,QoQ+12%。2)FY25Q2指引:营收149亿美元,YoY+19%;调整后息税折摊前利润率 66%,QoQ -2pct。 报告摘要 Marvell数据中心市场收入高速增长,ASIC定制芯片需求强劲 分业务看: 1)半导体业务FY25Q1收入82亿美元,YoY+11%,其中人工智能收入41亿美元,YoY+77%,超出38亿美 元的指引;非人工智能收入41亿美元,QoQ-9%。公 ...
Marvell 的 AI 势头停滞:超大规模数据中心放缓可能威胁增长
美股研究社· 2025-03-07 13:40
作者 | Deep Value Investing 编译 | 华尔街大事件 Marvell(NASDAQ:MRVL ) 公布的25 财年业绩和 26 财年第一季度业绩指引略高于分析师预 期,但盈利后股价下跌逾 18%。 分析师认为抛售有三个主要原因: 由于分析师担心超大规模企业可能会放缓对人工智能基础设施的支出,因此人们担心数据中心 收入增长会放缓。 直接竞争对手(可能是 Broadcom)可能会占据一席之地(即与超大规模企业签订合同)并获 得 Marvell 的市场份额。 由于新政府的关税政策引发通胀担忧,标准普尔 500 指数出现普遍抛售。总体而言,这只股票 的多头仓位可能不值得冒这个风险。 2025 财年第四季度总收入达到18.2 亿美元,环比增长 20%,同比增长 27%。数据中心再次成 为主要驱动力,贡献了总收入的 75%。 不过,管理层预计下一季度的收入增长率将达到中个位数,与过去两个季度的两位数相比有所 放缓。不过,这符合分析师的预期。 与此同时,我们正在与该客户就该款 XPU 的后续产品进行充分合作,并计划在完成 采样和认证周期后立即开始生产。 | MARVELL TECHNOLOGY FQ4 ...