Marvell Technology, Inc. (NASDAQ:MRVL) shares closed more than 6% higher on Friday following the company’s Q1 results, with EPS of $0.52 coming in better than the consensus estimate of $0.51. Revenue was $1.45 billion, slightly above the consensus estimate of $1.43 billion.

The company expects Q2/23 EPS to be in the range of $0.53-$0.59, compared to the consensus of $0.55, and net revenue to be $1.515 billion plus/minus 3%.

Analysts at Deutsche Bank shared their views on the company, believing that its valuation discount vs. “growth co” peers should lessen (currently >20%) in case the company continues to deliver consistent growth at a time when macro/sector-specific headwinds are rising.

Based on their confidence in co-specific revenue growth, steady margin improvement, rising cash returns and the potential for valuation upside, the analysts continue to see upside in the company’s shares.