Marvell Pre-Earnings: Expectations and Predictions
Marvell (NYSE: MRVL) stock saw an increase in trading activity as investors eagerly awaited the company’s Q3 earnings release on December 3 after the market closes. Analysts are forecasting earnings per share of $0.41 and revenue of $1.46 billion for the quarter, representing no change in EPS but a 2.8% rise in revenue compared to the previous year.
It’s interesting to note that Marvell (MRVL) has had a mixed history of beating earnings estimates in the past, surpassing expectations five out of the last eight quarters. However, analysts are optimistic about the upcoming results, with Oppenheimer recently boosting its price target on MRVL stock from $90 to $110 per share, while maintaining an outperform rating. They believe that the company’s Q3 performance will exceed expectations, along with strong guidance for Q4, driven by its custom compute and networking/optics offerings, with ongoing momentum expected into 2025 due to product cycles.
Options traders are anticipating a significant 8.86% price movement in either direction following the earnings report, based on the at-the-money straddle, with call options priced at $4.36 and put options at $4.15 for the $96 strike price.
When it comes to Wall Street analysts, there is a Strong Buy consensus on MRVL stock, with 12 Buy ratings, one Hold, and zero Sells in the last three months. With the stock already up 85% over the past year, the average price target of $100.50 per share suggests a potential 4.7% upside from current levels.
It’s important to remember that investing in the stock market carries risks, and it’s always best to do thorough research and consider your own financial goals before making any investment decisions.
