Jefferies would ‘buy the confession’ after Marvell guidance miss

Jefferies analyst Mark Lipacis said he would put Marvell into his "top group of stocks" and "buy the confession" after the company gave a January quarter outlook that was below consensus by 13% in terms of revenue and 26% in terms of EPS. The "Semi Playbook" says to buy stocks at the bottom of the cycle that have underperformed the most and have lowered expectations, according to Lipacis, who said Marvell "now checks both boxes." He forecasts year-over-year revenue change to bottom in Q2 and for growth to reaccelerate in the second half of 2023, the analyst added.