On September 9, Marvell Technology rose 3.3% in regular trading, trading at $231.95/share with turnover of $415 million, extending a post-earnings rebound trajectory.
The rally comes as multiple Wall Street firms raised their price targets in recent sessions. Argus lifted its target from $250 to $280, China Renaissance adjusted from $276 to $284, and Cantor Fitzgerald significantly raised its target from $220 to $300, all maintaining buy or neutral ratings. The average analyst price target stands at approximately $292.92 according to FactSet.
Marvell had previously reported fiscal Q2 adjusted EPS of $0.94 on revenue of $2.74 billion, up 37% year-over-year, with both figures beating consensus estimates. The fiscal Q3 revenue guidance of $3.15 billion also exceeded the Street estimate of $3.04 billion. However, shares initially plunged over 10% as investors expressed concern over the timing of revenue recognition from its Google custom chip deal. CEO Matthew Murphy characterized the Google AI revenue opportunity as a \"monster number,\" while RBC Capital Markets noted that Google could become a major growth driver from fiscal 2029 onward. The current rebound suggests initial post-earnings selling pressure has largely been absorbed.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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