Analysts Just Cut Price Targets for These 5 Stocks

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

Number of Hedge Fund Holders: 63

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) slid nearly three percent before the opening bell on Friday, August 26, 2022. The drop came after KeyBanc analyst John Vinh slashed his price target for the datacenter semiconductor manufacturer from $90 per share to $75 per share.

The latest price-target cut came a day after Marvell Technology, Inc. (NASDAQ:MRVL) issued a weak sales outlook for its fiscal third quarter. The company expects revenue of about $1.56 billion for the current quarter, below analysts’ average estimate of $1.58 billion.

Marvell Technology, Inc. (NASDAQ:MRVL) issued the outlook along with its fiscal second-quarter results. The California-based company reported adjusted earnings of 57 cents per share on revenue of $1.517 billion. On the other hand, analysts expected Marvell Technology, Inc. (NASDAQ:MRVL) to earn 56 cents per share on revenue of $1.52 billion.

Speaking on the results, CEO Matt Murphy said in a statement:

“Looking ahead, we expect sequential revenue growth to accelerate in the fourth quarter as supply constraints begin to ease. We believe we are well positioned to continue to benefit from our favorable end market exposure tied to strong secular growth trends and significant expected upcoming revenue contributions from a number of Marvell-specific product ramps.”

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