Marvell Technology's AI Strength May Not Be Enough To Offset Macro Softness In Q2, Analyst Cautions
Portfolio Pulse from Nabaparna Bhattacharya
Susquehanna analyst Christopher Rolland has reiterated a Positive rating on Marvell Technology, Inc. (NASDAQ:MRVL), raising the price target to $70 from $60. Rolland expects in-line Q2 results but an uncertain Q3 guide due to continued softness in traditional networking, storage, comms infra, and consumer. The analyst also notes high telco channel inventory and expects the company's enterprise networking to be soft. For FY24 and FY25, the analyst raised the EPS and revenue estimates.
August 23, 2023 | 5:52 pm
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POSITIVE IMPACT
Marvell Technology's stock may be impacted by the analyst's positive rating and raised price target. However, uncertainty in Q3 guide and softness in enterprise networking could affect the stock.
The positive rating and raised price target by the analyst could boost investor confidence in Marvell Technology, potentially driving the stock price up. However, the uncertainty in Q3 guide and softness in enterprise networking could create some volatility in the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100