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Research Alert: CFRA Maintains Strong Buy Opinion On Shares Of Marvell Technology, Inc.
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Research Alert: CFRA Maintains Strong Buy Opinion On Shares Of Marvell Technology, Inc.
Mar 8, 2024 4:19 AM

06:55 AM EST, 03/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We up our 12-month target price to $94 from $84 on a higher revised P/E of 34.8x our CY 25 EPS view, above peers but within five-year historical forward average. We adjust our FY 25 (Jan.) EPS view to $1.82 from $2.31 and FY 26 to $2.70 from $2.79. MRVL posts Jan-Q EPS of $0.46 vs. $0.46, matching the consensus. Although MRVL again provided disappointing guidance, we finally believe non data center markets are set to bottom in the Apr-Q at extremely depressed levels, with steeper seq. declines in carrier (-50%), enterprise networking (-40%), and consumer (-70%). All end-markets are poised to recover thereafter. AI-related revenue drove data center upside, up 54% (+38% seq.), and we think its pipeline offers upside given opportunities tied to its Optics business (over $200M revenue in Jan-Q) as well as initial revenue ramp from its silicon compute customers (we see potential to exceed Optics over time). Favorable mix/cost efficiencies are supporting margins, while its AI Era event on 4/11 could be a catalyst.

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