Famed investor Jim Cramer warns against investing in Marvell Technology Inc (NQ: MRVL) even though it’s down over 10% on Friday.
Cramer shares view on Marvell stock
The $66 billion chipmaker based out of Wilmington, Delaware posted an in-line earnings report Thursday night but disappointed in terms of guidance.
MRVL also authorised $3.0 billion in stock repurchase this week; but Cramer remains dovish on the semiconductor giant as there still are things that “haven’t troughed [and] are going down”.
“Stock-based compensation” also contributed to his view that “it’s too soon to buy” Marvell stock.
Note that his Charitable Trust did use to have a position in the Nasdaq-listed firm and it’s still in his Club’s Bullpen stock watchlist as well.
The Mad Money host is dovish on Marvell Technology even though it recently announced the “industry’s first” 2-nanometre platform for “accelerated infrastructure”.
Elsewhere, Citi analyst Atif Malik raised the price target for MRVL to $91 (20% higher than Friday's close).
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