By Senad Karaahmetovic

Marvell Technology shares (NASDAQ: ) rose over 5% on Friday premarket trading after reporting Q1 adjustedEPS and revenue which were well above analysts’ expectations.

MRVL adjusted EPS at 52c was achieved in the quarter. It is up from 29c during the same period last year, which exceeds the analyst estimates of 51c per shares. The net revenue was $1.45 Billion, an increase of 74% YoY. This is higher than the analysts consensus estimate of $1.43 Billion.

The revenue from the Data center was $640.5million, which beats the $601 million expected. MRVL posted a Q1 gross profit of 65.5% in comparison to 64.3% the year before and was in line with analysts expectations.

Marvell anticipates an adjusted EPS of between 53c and 59c for Q2, compared with the 55c expected. According to the company, Q2 net revenue is expected to range from $1.47 billion – $1.56 billion. Analysts had predicted $1.49 trillion.

“Revenue exceeded the midpoint of guidance, driven by higher-than-forecasted results from the datacenter end market,” the company commented in a note.

BMO Analyst Ambrish Srivastava was positive, but lowered the price target from $98.00 to $82.00 using the lower multiple.

“Data Center continues to be a big driver for the company. Although there is concern about all areas of the company, Marvell still sees significant wins, despite a potentially weaker background. Our estimates remain largely unchanged. We continue to rate shares Outperform,” Srivastava told clients.

Morgan Stanley Analyst Joseph Moore has also reduced the price target by $68.00 per Share from $80.00

“Marvell posted upside and guided slightly higher, with perhaps more conviction on 2H follow through than we might have expected given economic uncertainty. Still, in the wake of customer uncertainty and cloud anxiety, durability concerns seem unlikely to fade,” Moore said in a client note.