Several firms commenting on Marvell Tech (NASDAQ:MRVL) following somewhat weaker than expected results (rev side) and guidance issued last night:
* Oppenheimer notes the co reported July quarter revenues of $574mm versus consensus of $582.9mm and guidance of $580-585mm. Company attributed the miss to weakness to in the PC/Desktop and 802.11n segments as the firm had noted before. On the Positive side, MRVL began consumer shipments of its WLAN segment into PS3, has design wins in its Avago Printer business beyond H-P (HPQ), grew its GbE switch business suggesting share gains.
MRVL also guided Q3 to continuing PC/Desktop (GbE client) and 802.11n weakness, despite, strength in the GbE consumer and Avago printer business. Company guided Q3 top line up 1% QoQ to $580mm vs firm's estimate of $617mm (cons $623mm), gross margins in line with prior 53.4% guidance. MRVL lowered its FY07(Jan) revenue outlook from $2.37-2.43bn to $2.27-2.29bn. Firm believes part of the conservatism is driven by MRVL seeing high PC/desktop inventory (GbE client) build and weakness in the 802.11n with channel stuffing by BRCM and ATHR.
Firm is maintaining their Buy rating, lowering 12-month price target to $25 from $33. Longer term they believe MRVL is one of the best positioned semiconductor companies and the handset part of the story is yet to begin.
* Deutsche Bank notes that despite numerous strong product cycles, MRVL could not escape its exposure to the soft PC mkt (HDD & client GbE) as indicated by its soft F2Q revs and F3Q outlook. After a lackluster F3Q, the firm expects MRVL's growth to reaccelerate in F4Q and beyond as it continues to be a broad-based mkt share gainer. As much negative news is factored into today's valuation, they recommend investors use the current pause in growth as a buying opportunity. Reiterates Buy.
Tgt goes to $27 from $30
Recent MRVL News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/02/2024 08:59:04 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 10/01/2024 08:29:54 PM
- Marvell to Showcase Optical Interconnect Innovations for Accelerated Infrastructure at ECOC 2024 • PR Newswire (US) • 09/20/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/16/2024 08:07:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/13/2024 08:11:39 PM
- Marvell Technology, Inc. Declares Quarterly Dividend Payment • PR Newswire (US) • 09/13/2024 08:05:00 PM
- Marvell, Lumentum and Coherent Demonstrate Industry's First 800G ZR/ZR+ Pluggable Modules for 500km Data Center Interconnects • PR Newswire (US) • 09/05/2024 01:00:00 PM
- U.S. Stocks Fluctuate Before Closing Sharply Higher • IH Market News • 08/30/2024 08:44:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/30/2024 08:03:14 PM
- Dell Stock Rises 6% Premarket on Strong Revenue Beat, Elastic Shares Plunge 27% After Lowering Revenue Forecasts • IH Market News • 08/30/2024 10:00:15 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/29/2024 08:06:26 PM
- Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2025 Financial Results • PR Newswire (US) • 08/29/2024 08:05:00 PM
- U.S. Futures Rise; Oil Prices Dip Amid Libyan Supply Concerns and Inventory Drop • IH Market News • 08/29/2024 10:11:58 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/19/2024 07:51:00 PM
- Marvell to Showcase Latest Cloud Storage and CXL Memory Technologies at FMS 2024 • PR Newswire (US) • 08/07/2024 01:00:00 PM
- Microsoft Integrates Marvell NIST FIPS 140-3 Level-3 Compliant LiquidSecurity HSMs into Azure Key Vault and Managed HSM Services • PR Newswire (US) • 08/06/2024 01:00:00 PM
- Marvell Technology, Inc. Announces Conference Call to Review Second Quarter of Fiscal Year 2025 Financial Results • PR Newswire (US) • 08/05/2024 08:05:00 PM
- Marvell Introduces Breakthrough Structera CXL Product Line to Address Server Memory Bandwidth and Capacity Challenges in Cloud Data Centers • PR Newswire (US) • 07/30/2024 01:00:00 PM
- Marvell Announces Immediate Availability of Open Ecosystem Software for Teralynx 10 51.2T Switch • PR Newswire (US) • 07/25/2024 01:05:00 PM
- Marvell Teralynx 10 51.2T Ethernet Switch Enters Volume Production for Global AI Cloud Deployments • PR Newswire (US) • 07/25/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/16/2024 10:30:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/16/2024 09:45:40 PM
- Marvell Extends Connectivity Leadership With Industry's First 1.6T PAM4 DSP for Active Electrical Cables • PR Newswire (US) • 06/27/2024 01:00:00 PM
- Marvell Technology, Inc. Declares Quarterly Dividend Payment • PR Newswire (US) • 06/21/2024 08:05:00 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/31/2024 08:06:26 PM
FEATURED SMX and FinGo Enter Into Collaboration Mandate to Develop a Joint 'Physical to Digital' Platform Service To Enhance Natural Rubber Industry's Ability to Report on Sustainable and Ethical Supply Chains • Oct 3, 2024 7:00 AM
Basanite, Inc. Appoints Ali Manav as Interim Chief Executive Officer • BASA • Oct 3, 2024 9:15 AM
Integrated Ventures Announces Launch of MedWell Facilities, LLC and Lease Agreement with Giant Fitness Clubs • INTV • Oct 3, 2024 8:45 AM
Beyond the Horizon: Innovative Drug Combinations Offer New Hope for Alzheimer's and More • NVS • Oct 3, 2024 8:45 AM
Transforming Alzheimer's Treatment: Innovative Combinations to Boost Cognition • PFE • Oct 2, 2024 9:00 AM
Unitronix Corp Unveils Cryptocurrency Investment Portfolio Strategy • UTRX • Oct 2, 2024 8:40 AM