12:50 AM EDT, 05/31/2024 (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 keep our 12-month target at $94 on P/E of 37.6x our CY 25 EPS view, above peers given our view of trough fundamentals. We adjust our FY 25 (Jan.) EPS view to $1.50 from $1.82 and FY 26 to $2.50 from $2.70. MRVL posts Apr-Q EPS of $0.24 vs. $0.31, matching the consensus. Sales fell 12%, near expectations, as 87% growth in data centers was more than offset by declines in consumer (-70%), carrier infrastructure (-75%), enterprise networking (-58%), and auto/industrial (-13%). We note that Jul-Q guide was largely in line (implies 8% seq. increase), as we believe the declines from cyclical businesses have largely run its course, with the worst of the customer inventory digestion in the rearview. In addition, MRVL is now poised to see a multi-year period of elevated growth, driven by its robust custom AI silicon pipeline (lower margins) and optics business. We see a favorable setup in the 2H and for CY 25, as sales in non-data center markets recover off a low base in enterprise networking, carrier, and autos.