Evercore ISI Reiterates Outperform Rating on Marvell

Evercore ISI analyst Mark Lipacis reiterated an Outperform rating and $133.00 price target on Marvell Technology (NASDAQ: MRVL).

“JanQ Slight Beat.

JanQ-26 Revs of $2.219bn (+7% QQ/+22% YY) beat consensus by 54bps. GM of 59% was 30bps better than consensus and OpM of 35.7% was in-line.

Non-GAAP EPS of $0.80 was $0.01 (1%) above consensus. Datacenter revs and Comms/Other revs were both 51bps better than Street. AprQ Healthy Raise.

AprQ-26 Revs guidance of $2.4bn at midpoint implies 8% QQ / +27% YY growth and is 5% above consensus and 3% above our higher than Street est.

Non-GAAP GM of 58.75% at midpoint is 20bps below consensus and OpEx of $575m is 327bps higher vs consensus and OpM of 34.8% is 30bps above consensus. Non-GAAP EPS of $0.79 $0.05 (6%) above consensus.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.