These Analysts Revise Their Forecasts On Marvell Technology Following Q2 Results
Portfolio Pulse from Lisa Levin
Marvell Technology, Inc. (NASDAQ:MRVL) reported better-than-expected Q2 earnings and sales, and issued Q3 2024 revenue guidance of $1.4 billion. Despite this, Marvell shares fell 8.5%. Post-earnings, Morgan Stanley cut the price target from $68 to $65, B. Riley Securities raised it from $75 to $77, and Rosenblatt maintained a $100 price target.
August 25, 2023 | 3:05 pm
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Marvell Technology reported better-than-expected Q2 results and issued positive Q3 guidance. However, its shares fell 8.5% and analysts revised their price targets.
Marvell Technology's better-than-expected Q2 results and positive Q3 guidance should have been positive for the stock. However, the 8.5% fall in share price indicates market reaction was negative. This could be due to revised price targets by analysts, which may have influenced investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100