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Fly News Breaks for February 28, 2020
MRVL
Feb 28, 2020 | 07:47 EDT
Oppenheimer analyst Rick Schafer previewed Marvell's upcoming Q4 earnings, scheduled for March 4, saying he expects results in line with consensus estimates, as well as modest downside bias to Q1 consensus, reflecting the coronavirus impact. Schafer tells investors that he sees coronavirus as a drag impacting the entire semi group near term, though pent-up demand boosts 2H outlook for most. He expects Marvell's storage segment to continue recovery toward prior run rate this year while networking should begin to see initial benefit from early stage 5G macro BTS deployments. The analyst made no change to his Outperform rating or $30 price target.
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