Find new investment opportunities based on Market Sentiment Indicator. Manage watchlist risk with leading indicator of volatility See what influential analysts and investors are saying about stocks in your watchlist
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Find new investment opportunities based on Market Sentiment Indicator. Manage watchlist risk with leading indicator of volatility See what influential analysts and investors are saying about stocks in your watchlist
Most Trending
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TrendspotteamFinding new investment opportunities based on Market Sentiment and Indicators. Manage portfolio risk with leading indicator of volatility See what influential analysts and investors are saying about stocks in your watchlist
Marvell is jumping after the publication of the reports for the first quarter of 2023. The company recorded in the quarter revenues of 1.32 billion dollars while the analysts' expectation was for 1.3 billion dollars. In the bottom line, the company recorded an adjusted profit per share of $0.31, also above analysts expectations of $0.29. The analysts estimated that the company would bring in 1.31 billion dollars in the second quarter, and here too the company was pleasantly surprised with an expected revenue of 1.33 billion dollars.
Very good results for the chip company, but the reason for the jump today is not related to the company's past performance, but mainly to a pair of words - "Artificial Intelligence"
On Wednesday night, Nvidia published its results for the quarter that ended in April and the company presented results and forecasts so positively that the stock jumped the next day by 25% to an all-time high. The impressive results came largely thanks to "rising demand for chips for the AI industry," said the company's CEO, Jensen Hang.
The surge in the share price is only evidence of the significant enthusiasm of investors around AI, which is now also backed up by results from the field and not just by speculation about the impact of one or another chatbot on the performance of companies related to the field. That enthusiasm is exactly what is driving Marvel stock.
"AI has become a key growth driver for the company, which we enable with our internet connectivity technology products and our cloud optimization platform," said Marvell CEO Matt Murphy.
Marvell produces, among other things, internet chips that are used in data centers - those that are necessary for the advancement of artificial intelligence technology and according to the company's reports, this segment has already generated 200 million dollars for it in the last fiscal year. As mentioned, the expectation for this year is for revenues of 400 million dollars from the field of AI, next year the figure is expected to be 800 million dollars.
After the reports, the analysts at Deutsche Bank wrote: "We believe that Marvell remains one of the only chip companies that can offer significant growth potential for the breadth of its products and end markets." The analysts raised the company's target price from $50 to $65 while maintaining a "buy" rating. At the close of trading yesterday, the company's stock stood at $49 and now trades for more than $62, about 5% of the analysts' target price. KeyBanc also raised the target price of the company's stock, from $60 to $70.
Please note that the article should not be considered as investment advice or marketing, and it does not take into account the personal data and requirements of any individual. It is not a substitute for the reader's own judgment, and it should not be considered as advice or recommendation for buying or selling any securities or financial products.
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Disclaimer:
The Score performance whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained.
The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. The Readiness Indicators, Sentiment Indicators and total score are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. Active trading is generally not appropriate for someone of limited resources, limited invesment or trading experience, or low-risk tolerance. Your capital may be at risk.
Please note that no offer or solicitation to buy or sell securities, securities derivatives of future products of any kind, or any type of trading or invesment advise, recommendation or strategy, is made, given or endorsed by StocksRunner including any of their affiliates ("TS").
This information is provided for illustrative purposes only. You should not rely on any advice and/or information contained in this website and before making any investment decision. we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
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Disclaimer:
The Score performance whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained.
The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. The Readiness Indicators, Sentiment Indicators and total score are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. Active trading is generally not appropriate for someone of limited resources, limited invesment or trading experience, or low-risk tolerance. Your capital may be at risk.
Please note that no offer or solicitation to buy or sell securities, securities derivatives of future products of any kind, or any type of trading or invesment advise, recommendation or strategy, is made, given or endorsed by StocksRunner including any of their affiliates ("TS").
This information is provided for illustrative purposes only. You should not rely on any advice and/or information contained in this website and before making any investment decision. we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
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