Marvell Tech Jumps on Earnings

CIBC raises its price target after the company beats fourth-quarter estimates.
By TSC Staff ,

Marvell Technologies

(MRVL) - Get Report

jumped in the premarket as analysts praised its fourth-quarter earnings, which showed a 61% increase in revenue.

The stock was recently fetching $45.40 on the Instinet premarket session, up $2.52, or 5.9%. CIBC raised its price target on the stock to $56 from $48 Friday morning.

Marvell, based in Sunnyvale, Calif., earned $19.8 million, or 14 cents a share, on revenue of $243.3 million in the latest quarter, compared with a loss of $24.2 million, or 20 cents a share, on revenue of $150.8 million a year ago.

Excluding acquisition and other charges, Marvell earned a pro forma $41.3 million, or 29 cents a share, in the latest quarter, compared with pro forma net income of $20.3 million, or 16 cents a share, last year.

Per-share earnings in the most recent quarter were about a penny ahead of estimates. The company also raised its first-quarter revenue guidance to $267 million on a postearnings conference call.

Marvell also set a 2-for-1 stock split.

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