NEW YORK (TheStreet) -- Shares of Marvell Technology (MRVL) - Get Report are surging by 10.96% to $10.93 on Wednesday morning, after the Bermuda-based semiconductor products company posted mixed results for the 2016 fourth quarter.

Marvell reported earnings of 11 cents per share on revenue of $616.2 million, a decrease of 9% year-over-year, after yesterday's closing bell. Analysts projected earnings of 9 cents per share on revenue of $652.7 million. 

Additionally, Barclays lowered its price target on the company to $12 from $13, due to revenue loss and reiterated its "hold" rating. 

Due to the company's delayed 10-K filing, Marvell also updated its fiscal 2016 second and third quarter results. For the third quarter, earnings decreased 1 cent to 6 cents per share and revenue fell to $675 million from $710 million.

"While we are encouraged by the progress the co has made in bringing its financials up to date, we believe plenty of heavy lifting remains," the firm said in an analyst note. 

Barclays added that they believe it will be a while before Marvell achieves stronger earnings power. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate MARVELL TECHNOLOGY GROUP LTD as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself.

You can view the full analysis from the report here: MRVL

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