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Investing.com - TD Cowen maintained its Buy rating on Marvell Technology (NASDAQ:MRVL) with a price target of $90.00, according to a research note released Friday. The semiconductor company, currently valued at $67.2 billion, has shown strong momentum with a 37% revenue growth over the last twelve months. According to InvestingPro data, analysts maintain a bullish consensus on the stock.
The firm’s analysis highlighted concerns about Marvell’s custom silicon business, which is expected to decline in the October quarter due to "lumpiness" before returning to growth in the January quarter.
TD Cowen noted that the in-line financial results and guidance, combined with the projected third-quarter downturn amid supply chain uncertainties, may receive a negative market reaction as investors seek more concrete evidence of follow-on customer wins.
Despite these challenges, the research firm identified electro-optics as a "bright spot" for Marvell, citing its strong secular growth trends within the company’s portfolio.
The firm also pointed to positive recovery signs in Marvell’s non-datacenter segments, which appear to be rebounding after previous weakness.
In other recent news, Marvell Technology has been the focus of several analyst reports following its latest earnings announcement. The company reported quarterly earnings that met expectations, with earnings per share guidance slightly above consensus for the upcoming quarter. However, Marvell’s revenue guidance for the October quarter fell short of expectations, with projections at $2.06 billion compared to the anticipated $2.11 billion.
Evercore ISI adjusted its price target for Marvell to $122.00 from $133.00, maintaining an Outperform rating, citing a decline in custom AI revenue. Rosenblatt also lowered its price target from $124.00 to $95.00, while maintaining a Buy rating, due to delays in ASIC deliveries. Benchmark reiterated its Buy rating with a $95.00 price target, noting near-term inventory challenges with Amazon, a key customer. Cantor Fitzgerald kept a Neutral rating with a $75.00 price target, reflecting the mixed outlook. Lastly, KeyBanc maintained an Overweight rating with a $90.00 price target, despite a miss in the data center segment.
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