Analysts raised their price targets (PT) on Marvell Technology Inc. following Q3 beat and solid Q4 outlook.
KeyBanc analyst John Vinh maintained an Overweight rating and raised the PT from $80 to $95, suggesting a 33.7 percent upside to Thursday’s closing price of $71.03.
Oppenheimer analyst Rick Schafer raised the PT to $110 from $100 (54.9 percent upside) and kept an Outperform.
The company last night reported a “marvelous” quarter and outlook, says the analyst, who believes Marvell has 100 percent backlog coverage for next year.
Schafer sees upside potential as management solves supply bottlenecks.
Cowen analyst Karl Ackerman upgraded to Outperform from Market Perform with a PT of $100, up from $66 (40.8 percent upside).
It’s hard to argue that Thursday night’s results were “anything but a watershed quarter” with better guidance and an expanding design pipeline that anchors a new FY23 outlook.
The analyst says Marvell’s “fortified portfolio sits in the sweet spot of several thematic secular growth drivers” that will allow it to outgrow the broader semi-space materially.
Piper Sandler analyst Harsh Kumar raised the PT to $100 from $70 and kept an Overweight. The company reported “exceptionally strong” results and provided guidance ahead of expectations as management expects the broad-based growth to continue into FY23.
Deutsche Bank analyst Ross Seymore raised the PT to $100 from $76 and kept a Buy.
The company last night delivered its “most bullish report/guide in recent memory.”
