Analysts are Revising Prices Targets of These 5 Stocks Following Earnings

2. Marvell Technology, Inc. (NASDAQ:MRVL)

Number of Hedge Fund Holders: 58

Several research firms cut their price targets for Marvell Technology, Inc. (NASDAQ:MRVL) after the semiconductor company missed financial expectations for its fiscal third quarter and issued a weak outlook for the current quarter.

BMO Capital trimmed its price target for Marvell Technology, Inc. (NASDAQ:MRVL) from $90 to $63 on December 2, while BMO Capital decreased its price target from $75 to $65 on the same day.

If we look at its latest results, Marvell Technology, Inc. (NASDAQ:MRVL) reported adjusted earnings of 57 cents per share, below the consensus of 59 cents. Moreover, the quarterly sales of $1.537 billion also came in below expectations of $1.56 billion.

For the January quarter, Marvell Technology, Inc. (NASDAQ:MRVL) expects adjusted earnings of around 46 cents per share, well below analysts’ average estimate of 62 cents per share.

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