Marvell Technology, Inc. MRVL reported weaker-than-expected results for its third quarter and issued weak forecast for the current quarter.
Marvell said third-quarter revenue grew by 27% year-over-year to $1.537 billion. The number missed average analyst estimates of $1.56 billion. The company reported third-quarter earnings of 57 cents per share, which also missed estimates.
Marvell expects fourth-quarter revenue of $1.4 billion, plus or minus 5% versus estimates of $1.61 billion. The company sees fourth-quarter earnings between 41 cents and 51 cents per share versus estimates of 62 cents per share.
Marvell Tech shares fell 4.7% to trade at $43.25 on Friday.
These analysts made changes to their price targets on Marvell Tech following the release of quarterly results.
- Keybanc cut the price target on the stock from $75 to $65. Keybanc analyst John Vinh maintained an Overweight rating on the stock.
- Needham slashed Marvell Tech price target from $64 to $50. Needham analyst Quinn Bolton maintained a Buy rating on the stock.
- Piper Sandler cut the price target on Marvell Tech from $80 to $55. Piper Sandler analyst Harsh Kumar maintained an Overweight rating on the stock.
- Raymond James reduced the price target on Marvell Tech from $80 to $60. Raymond James analyst Melissa Fairbanks maintained the stock with an Outperform.
- Barclays cut the price target on Marvell Tech from $60 to $55. Barclays analyst Blayne Curtis maintained the stock with an Overweight.
- Wells Fargo cut the price target from $58 to $54. Wells Fargo analyst Gary Mobley maintained the stock with an Overweight.
- Goldman Sachs slashed the price target on Marvell Tech from $62 to $54. Goldman Sachs analyst Toshiya Hari maintained the stock with a Buy.
- JP Morgan cut the price target from $75 to $72. JP Morgan analyst Harlan Sur maintained the stock with an Overweight.
- UBS cut the price target from $80 to $75. UBS analyst Timothy Arcuri maintained the stock with a Buy.
- Morgan Stanley lowered the price target on the stock from $60 to $41. Morgan Stanley analyst Joseph Moore maintained Marvell Tech with an Equal-Weight.