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Marvell Technology Gets Downgraded
By Zacks Investment Research on August 27, 2008 | More Posts By Zacks Investment Research | Author's Website
An analyst downgrade led to a more than 6.6% decline in shares of Marvell Technology (MRVL) 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).
Despite todays 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 years earnings per share to top this years by as much as 23%.
MRVLs fiscal second-quarter report later this week will be a much better indicator for the companys 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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