Oppenheimer analysts released their outlook on Marvell Technology, Inc. (NASDAQ:MRVL) ahead of the company’s upcoming Q1 earnings results, expected to be reported on May 26. The analysts anticipate an upside to consensus Q1 sales/EPS of $1.4 billion/$0.51 and Q2 of $1.5 billion/$0.55.

The analysts expect DC to grow around 6% quarter-over-quarter (120% year-over-year) led by cloud, Carrier to grow 3% quarter-over-quarter (49% year-over-year), and Enterprise Networking to grow approximately 15% quarter-over-quarter (73% year-over-year).

Demand continues to outstrip supply. The analysts believe the company has approximately 100% backlog coverage for 2022 and see upside as supply improves.

According to the analysts the company’s platform approach positions it well to capture share/content in cloud, 5G and auto. The analysts maintained their outperform rating but lowered their price target to $90 from $110 on group multiple compression.