Is Marvell (MRVL) Stock a Buy Ahead of Thursday Earnings?
TLDR
- Marvell reports fiscal Q2 FY27 earnings after the bell Thursday, August 27
- Google received a warrant to buy up to $12.19 billion worth of Marvell stock as part of a custom chip deal
- The Google partnership could be worth up to $120 billion in cumulative revenue over six years
- Wells Fargo raised its price target to $310 from $240, reiterating a Buy rating
- Wall Street consensus is Strong Buy with an average price target of $287.50, implying 25% upside
Marvell Technology (MRVL) heads into Thursday’s earnings report carrying a lot of weight. The stock has climbed 168% year-to-date and 213% over the past 12 months. That kind of run means expectations are high, and analysts say the real story this week isn’t the quarterly numbers. It’s the Google deal.
Marvell Technology, Inc., MRVL
Last week, Marvell announced that Alphabet-owned Google received a warrant to purchase up to 58.97 million Marvell common stock at $206.58 per share. That represents a $12.19 billion stake in the company. Marvell issued the warrant as part of a commercial agreement covering the development of Google’s custom chips, including its tensor processing units, known as TPUs.
… Continue reading the full article at the original source below.
