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Fly News Breaks for August 30, 2019
MRVL
Aug 30, 2019 | 08:18 EDT
Oppenheimer analyst Rick Schafer maintained an Outperform rating and $30 price target on Marvell Technology following the company's Q2 earnings results, which had EPS and revenue above consensus estimates, but Q3 EPS and revenue guidance that was below the consensus. The analyst, which noted that Marvell remains the "purest 5G story in semis," believes the results show that storage is stabilizing, and that the company's 5G thesis is intact. Schafer added that he liked Marvell's "strategic/accretive AQ/Avera/WiFi deals," which should close at the end of FY20.
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