Published on 4 Dec 2021 on Simply Wall St. via Yahoo Finance
Rainbows and Unicorns: Marvell Technology, Inc. (NASDAQ:MRVL) Analysts Just Became A Lot More...
Marvell Technology, Inc. (NASDAQ:MRVL) shareholders will have a reason to smile today, with the analysts making substantial upgrades to next year's statutory forecasts. The consensus statutory numbers for both revenue and earnings per share (EPS) increased, with their view clearly much more bullish on the company's business prospects. The market may be pricing in some blue sky too, with the share price gaining 16% to US$83.59 in the last 7 days. Could this upgrade be enough to drive the stock even higher?
Following the upgrade, the current consensus from Marvell Technology's 26 analysts is for revenues of US$5.9b in 2023 which - if met - would reflect a sizeable 50% increase on its sales over the past 12 months. Losses are expected to turn into profits real soon, with the analysts forecasting US$0.69 in per-share earnings. Prior to this update, the analysts had been forecasting revenues of US$5.2b and earnings per share (EPS) of US$0.38 in 2023. There has definitely been an improvement in perception recently, with the analysts substantially increasing both their earnings and revenue estimates.
Check out our latest analysis for Marvell Technology