Update: Marvell Technology Shares Rise After Multiple Price Target Boosts Following Q4 Results

MT Newswires Live03-07

(Updates with recent stock movement and stock price target increase information in the headline and the first three paragraphs.)

Marvell Technology (MRVL) shares rose nearly 21% in afternoon trading Friday after multiple analysts raised price targets following the company's fiscal Q4 results that beat expectations.

Morgan Stanley increased its price target on Marvell to $103 from $95, RBC to $115 from $105, and B. Riley to $135 from $130.

Trading volume stood at more than 69 million shares against a daily average of around 14.8 million.

The company on late Thursday reported fiscal Q4 adjusted earnings late Thursday of $0.80 per diluted share, up from $0.60 a year earlier.

Analysts polled by FactSet expected $0.79.

Revenue for the three months ended Jan. 31 was $2.22 billion, up from $1.82 billion a year earlier.

Analysts surveyed by FactSet expected $2.21 billion.

For fiscal Q1, the company expects adjusted EPS of $0.79, plus or minus $0.05, on revenue of $2.40 billion, plus of minus 5%.

Analysts expect adjusted EPS of $0.74 on revenue of $2.28 billion.

Price: 91.48, Change: +15.80, Percent Change: +20.88

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