Marvell's 2Q Didn't Meet High Bar, but Valuation Improves
Dow Jones08-29 00:08
1208 ET - Marvell Technology's 2Q beat-and-raise didn't meet high expectations going into the print, Benchmark's Cody Acree says in a note. A modest beat and "comparatively measured" outlook lift "was insufficient against a stock up roughly 28% in one month and 196% in six months, particularly one day after NVIDIA established a much higher AI earnings-season benchmark," Acree says. The market's negative reaction wasn't unexpected given Marvell's setup, but the stock's decline now makes it more attractive, he says: "In our opinion, the valuation now provides a more balanced entry point than it did before the report, but remains sensitive to FY29 custom sizing and margin execution." Marvell slides 10%.
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