Marvell Technology Inc. (NASDAQ:MRVL) posted upbeat first-quarter results after Wednesday's closing bell.

Marvell reported quarterly earnings of 80 cents per share, which beat the analyst consensus estimate of 79 cents, according to Benzinga Pro data. Quarterly revenue came in at $2.42 billion, which beat the analyst consensus estimate of $2.4 billion and was up from $1.9 billion in the same period last year. 

"Marvell delivered record first-quarter fiscal 2027 revenue of $2.418 billion, up 28% year-over-year, and guided second-quarter revenue to $2.7 billion at the mid-point, representing 35% year-over-year growth," said Matt Murphy, Marvell CEO.

Marvell expects second quarter adjusted EPS of 88 cents to 98 cents, versus the 90 cent analyst estimate, and revenue in a range of $2.57 billion to $2.84 billion, versus $2.6 billion analyst estimate.

Marvell shares gained 2.8% to $204.31 in pre-market trading.

These analysts made changes to their price targets on Marvell following earnings announcement.

  • Morgan Stanley analyst Joseph Moore maintained the stock with an Equal-Weight rating and raised the price target from $172 to $195.
  • Stifel analyst Tore Svanberg maintained the stock with a Buy and raised the price target from $210 to $230.

Considering buying MRVL stock? Here’s what analysts think:

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