Shares of Marvell Technology Inc. (MRVL) - Get Report jumped Tuesday after the company reported fiscal first-quarter results ahead of estimates, and analysts were mostly bullish on the company's numbers.
Marvell reported quarterly earnings of 29 cents per share on revenue of $832 million after the close on Monday. Analysts were expecting earnings of 27 cents per share on revenue of $806.7 million.
Marvell shares were rising 6.0% to $51.15 in in early market trading Tuesday. Shares are up 7.3% year to date compared to a 12.7% gain for the S&P 500 over the same period.
Analysts at Summit Insight Groups upgraded the stock to buy while saying "Industry dynamics are turning favorable driven by cloud, enterprise, carrier spending strength... which gives Marvell more potential for further upside."
Analysts at Citi maintained their buy rating and $64 price target on the stock, and also added the stock to their "catalyst watch list" following the stock's first half underperformance when it fell 1%.
Jefferies maintained its buy rating while raising its price target to $58 from $55 per share, as Marvell's results show what analysts called "robust design win momentum." The firm maintained Marvell as one of its top picks in the sector following the results .
BMO Capital maintained an outperform rating and $60 price target while saying that "Marvell’s design win momentum appears to be accelerating, particularly in the cloud data center, ranging from networking, compute to security.”
Analysts at JPMorgan initiated coverage of Marvell with an overweight rating and $66 price target, as the financial firm expects that "spending on high-end silicon solutions will be strong for the next several years."