Marvell shares are down after earnings. Many analysts are still bullish

Marvell Technology's post-earnings decline is no reason to steer clear, according to several analysts on the Street.

Marvell posted $2.74 billion in revenue for the second quarter, narrowly topping the $2.72 billion anticipated by analysts polled by FactSet. It also reported earnings of 94 cents per share for the same period, or slightly about the Street's consensus estimate of 93 cents.

While those numbers exceeded expectations, they failed to impress investors, who sent the stock down around 8% in the premarket. That said, Bank of America, UBS, Barclays, Wells Fargo and Citi remain bullish on the semiconductor designer.

Analysts at the five banks reiterated buy or buy-equivalent ratings on the stock, while keeping their price targets in place: BofA: $365 price target (51% upside) Barclays: $275 (14% upside) UBS: $310 (28% upside) Wells Fargo: $310 Citi: $275 Expectations for the semiconductor firm's latest quarterly report were particularly high due to the fact that the company revealed last week that it would allow Google to buy up to $12.2 billion of its shares .

On top of that, Marvell stock has soared 184% this year. "We ignore this expectation mismatch," wrote BofA analyst Vivek Arya." We see MRVL as a unique growth franchise poised to accelerate its top-line growth rate towards mid-50s YoY from mid-40s YoY currently, driven by a diversity of leading cloud customers and IP across compute, networking, optics, security and storage."

Arya, along with others, pointed toward excitement around Marvell's analyst day in early October. Morgan Stanley's Joseph Moore, who has an equal weight rating on Marvell, said he "would be tactically long for the investor day if the stock sells off."

"Expectations miss, set up by the size and scale of the Google partnership being already mostly contemplated in the FY28 guidance - but longer term trends do support the enthusiasm we expect from the investor day," Moore.