Marvell Technology to Slightly Beat Estimates for Fiscal Q1, Raise Guidance, RBC Says

MT Newswires Live05-14 23:26

Marvell Technology (MRVL) is expected to beat analyst expectations in fiscal Q1 and raise its guidance slightly, RBC Capital Markets analysts said in a Wednesday note.

The company is scheduled to report its fiscal Q1 results on May 27.

RBC said that the momentum in Marvell's Optical business is expected to sustain through the year, and that the recent Nvidia (NVDA) investment validates the company's optical connectivity leadership.

Analysts said that Marvell is expected to remain a key supplier to Amazon (AMZN), and Amazon Web Services' recent partnerships with Microsoft-backed (MSFT) OpenAI and Anthropic are material long-term positives for the company.

RBC said it expects the company's topline momentum to sustain for the next two to three years.

Analysts retained an outperform rating on the stock and increased its price target to $200 from $170.

Price: 185.90, Change: +7.95, Percent Change: +4.47

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