BUZZ-Marvell Technology surges on upbeat Q4 forecast, propelling broader chip sector

Reuters12-05

(Updates)

** Shares of chipmaker Marvell Technology soar 21.3% to $116.35

** Stock touch an all-time high in day trading

** Co on Tuesday forecast Q4 rev. of $1.8 bln, plus or minus 5%, vs estimates of $1.65 bln - data compiled by LSEG

** Posted Q3 rev. of $1.52 bln, beating estimates of $1.46 bln, on strong demand for its custom AI chips; data center revenue doubled to $1.10 bln

** Q3 adjusted EPS of 43 cents topped estimates of 41 cents

** At least 18 brokerages raise PT on the stock

** "Marvell is capitalizing on a massive artificial intelligence chip opportunity with a burgeoning custom accelerator portfolio and a dominant optical chip position" -Morningstar

** Other chip stocks also rise tracking MRVL's gains

** NVIDIA up 1.9%, Broadcom rises 0.6%, Monolithic Power Systems gains 1%

** Amkor Technology gains 1%, while GlobalFoundries

up 1.12%

** Overall Philadelphia SE semiconductor index rises 1.6%

** Including session's move, MRVL up 93.5% YTD vs Philadelphia SE semiconductor index's gains of 22.6%

(Reporting by Kritika Lamba and Ragini Mathur in Bengaluru)

((Kritika.Lamba@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment