Marvell Technology Inc. (NASDAQ:MRVL) posted better-than-expected earnings for the third quarter and also announced the acquisition of Celestial AI on Tuesday.
Marvell reported quarterly adjusted earnings of 76 cents per share, which beat the analyst estimate of 73 cents, according to Benzinga Pro. Quarterly revenue came in at $2.08 billion, which beat the Street estimate of $2.07 billion and was up from revenue of $1.52 billion from the same period last year.
Marvell also announced the acquisition of Celestial AI.
"Marvell delivered record third-quarter revenue of $2.075 billion, exceeding the midpoint of guidance, driven by strong demand for our data center products," said Matt Murphy, Marvell's Chairman and CEO.
Marvell shares gained 3.7% to trade at $96.29 on Wednesday.
These analysts made changes to their price targets on Marvell following earnings announcement.
- Needham analyst N. Quinn Bolton maintained Marvell Tech with a Buy and raised the price target from $95 to $120.
- Benchmark analyst Cody Acree maintained the stock with a Buy and raised the price target from $95 to $130.
- Rosenblatt analyst Kevin Cassidy maintained Marvell Tech with a Buy and boosted the price target from $95 to $120.
- Wells Fargo analyst Aaron Rakers maintained the stock with an Overweight rating and raised the price target from $90 to $135.
- Deutsche Bank analyst Ross Seymore maintained Marvell Tech with a Buy and raised the price target from $90 to $125.
- Keybanc analyst John Vinh maintained the stock with an Overweight rating and raised the price target from $90 to $130.
- JP Morgan analyst Harlan Sur maintained the stock with an Overweight rating and raised the price target from $120 to $130.
- Susquehanna analyst Christopher Rolland maintained Marvell Tech with a Positive and raised the price target from $100 to $120.
- Cantor Fitzgerald analyst C.J. Muse maintained the stock with a Neutral and boosted the price target from $90 to $110.
- Stifel analyst Tore Svanberg maintained Marvell Tech with a Buy and raised the price target from $95 to $114.
- Oppenheimer analyst Rick Schafer reiterated Marvell Tech with an Outperform rating and increased the price target from $115 to $150.
- Evercore ISI Group analyst Mark Lipacis maintained the stock with an Outperform rating and raised the price target from $122 to $156.
Considering buying MRVL stock? Here’s what analysts think:
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