Semiconductor chip maker Marvell Technology Group Ltd. (MRVL) on Monday boosted its second quarter revenue outlook, citing increased demand for its products.
The Bermuda-based company said it now expects revenue for the quarter ending August 1 to range from $600 million to $630 million. Previously, the company had fore Its prior guidance was for revenue of $540 million to $580 million.
"We are optimistic in our near-term outlook based on the improved order rate we have experienced so far in our second quarter, which we believe generally signals some strengthening in our customers' expectations for their businesses," Chairman, President and CEO Sehat Sutardja said in a statement.
Bottom Line
Shares of MRVL are off 52-week highs of $18 a share. The stock has technical support in the $8.25-$10.00 a share. If the shares can firm up, we see overhead resistance around the $12-14 price levels. We do not currently rate this non-dividend paying stock, but we do watch the company closely.
Marvell Technology Group Ltd. (MRVL) does not currently pay a dividend.
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