Analysts lauded Marvell Technology Inc. (MRVL) post Q1 beat. Rosenblatt analyst Hans Mosesmann reiterated Buy on Marvell with a price target of $125 (112 percent upside).
Another beat and raise for Marvell on broad-based infrastructure demand with data center being the key driver. Once again, and surprisingly, delinquencies continue to grow in the reported quarter despite increased supply execution.
Critically, despite the success in the last couple of years, Marvell greenfield, the significant design-win pipeline, has yet to hit the P&L.
Needham analyst Quinn Bolton maintained Marvell with a Buy and lowered the price target from $105 to $75 (27.2 percent upside).
Bolton wrote that F2Q23 guidance for sales beats consensus. He expected future growth driven by new product cycles and design wins.