Abstract of MRVL (Buy) Earnings Preview, QCOM (Hold) Initiation
MRVL (Buy) Earnings Preview 🚀
•Maintain Buy & $280 TP
•F2Q27E: Expect +12% QoQ revenue, ~59% non-GAAP GM (vs. Street 58.8%)
•F3Q27E: +13% QoQ revenue (vs. consensus +11%), GM 58.9% (vs. 58.3%)
•Likely raise to FY27 guidance; upside seen to FY28 revenue & FY29 custom ASIC target
•FY27E/28E/FY29E EPS: $4.2 / $7.6 / $14
•FY29 ASIC revenue: $15bn+ (guidance $10bn+), powered by Google CXL/DPU, one ver of Trainium 4 & Maia 300
QCOM (Hold) 💤
•Initiated Hold: DC business partially priced in since Investor Day
•Mgmt targets $5bn/$15bn DC revenue in FY27/FY29; we model $4.7bn/$8.8bn in FY27/28
•AI250 competitiveness vs. GPU limited by high LPDDR5 pricing & inferior scale-up
•CPU ramp (2028) still far away
•Custom Silicon can leverage its high wafer allocation
•Handset remains a drag; Android recovery overly optimistic amid high wafer inventory & weak sell-through
•Smartphone share pressure continues from competitors’ effort to gain OPPO/vivo Ultra models
•FY26E/27E EPS: $10.7 / $11.3 → TP $203 (18x)
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