MRVL - Is Marvell Technology Stock a Buy or a Sell as It Falls to a Bearish New Wall Street Price Target?
2024-03-12 12:42:00 ET
Marvell Technology (NASDAQ: MRVL) stock had a marvelous start to 2024, rising 41% until ... well, until it delivered a big disappointment on Friday. In its earnings report for the fourth quarter of its fiscal 2024, Marvell merely met Wall Street's targets for quarterly earnings -- $0.46 per share, adjusted for one-time items -- and for sales of $1.4 billion. Management also predicted a 42% earnings miss next quarter.
Investment bank Morgan Stanley cut Marvell's price target to $71, and after a quick selloff, the stock sits just above that level now. Is it a buy or a sell?
Marvell warned that adjusted earnings for the first quarter of fiscal 2025 would range from $0.18 to $0.28 per share, versus a Wall Street target of $0.40. Sales are expected to come in around $1.15 billion, 16% short of expectations.
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Is Marvell Technology Stock a Buy or a Sell as It Falls to a Bearish New Wall Street Price Target?