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Marvell Technology Inc MRVL Stock Quote

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Morningstar‘s Stock Analysis MRVL

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Is it the right time to buy or sell?
Is it the right time to buy or sell?

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We Maintain Long-Term Bullishness on Marvell Despite Weak Short-Term Guidance; FVE Trimmed to $57

Analyst Note

| William Kerwin |

We lower our fair value estimate for no-moat Marvell Technology to $57 per share, from $62, following disappointing fiscal fourth-quarter guidance that missed our expectations. Marvell is anticipating a pronounced effect on its sales from inventory corrections at storage customers next quarter, as well as some modest order pushouts elsewhere in the business. We see the former as a short-term cyclical dynamic, but one with a material impact on results over the next two to three quarters. We view Marvell’s networking sales as less prone to such cyclicality, but remind investors that storage still accounts for close to a quarter of the business. Long-term, we continue to see a double-digit top-line growth runway for Marvell, with the firm a key beneficiary of secular trends toward high-speed networking and 5G networks. Investors with a long-term horizon should still consider shares undervalued, especially after dropping 7% after hours on the print.

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Key Statistics MRVL

Company Profile MRVL

Business Description

Marvell Technology is a leading fabless chipmaker focused on networking and storage applications. Marvell serves the data center, carrier, enterprise, automotive, and consumer end markets with processors, optical interconnections, application-specific integrated circuits (ASICs), and merchant silicon for Ethernet applications. The firm is an active acquirer, with five large acquisitions since 2017 helping it pivot out of legacy consumer applications to focus on the cloud and 5G markets.

1000 N. West Street, Suite 1200
Wilmington, DE, 19801
T +1 302 295-4840
Industry Semiconductors
Most Recent Earnings Jul 31, 2022
Fiscal Year End Jan 29, 2023
Employees 6,729

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