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MRVL Downgraded
An analyst downgrade led to a more than 6.6% decline in shares of Marvell Technology (MRVL - Snapshot Report) on Tuesday. According to news reports, a couple of the reasons for the downgrade include slower growth and the possibility that MRVL was beat out for a design deal with Research In Motion (RIMM - Analyst Report).
Despite today’s drop, investors should pay more attention to earnings estimate revisions since they are a much better indicator than brokerage upgrades or downgrades. That being said, MRVL is a Zacks #1 Rank company with earnings estimates for this fiscal year that have increased 4.8% in just the past 7 trading days. Furthermore, analysts expect next year’s earnings per share to top this year’s by as much as 23%.
MRVL’s fiscal second-quarter report later this week will be a much better indicator for the company’s health and potential. At the moment, analysts expect 14 cents per share for the quarter, which marks a penny advance in the past 7 days.
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| Market Summary | Jul 04, 2009 14:23 pm ET |
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