Needham analyst, Quinn Bolton, reiterates a Hold rating for Marvell Technology Group Ltd. (NASDAQ:MRVL), following the company’s fourth quarter earnings report.

According to the analyst, Marvel released revenues of $616MM and EPS of $0.11, missing its $645MM/$0.09 estimates.

Bolton explains, “With a new management team in place and the Audit Committee investigation complete, MRVL reported mixed F4Q16 results. Total revenue fell below our forecast but was offset by stronger than expected NG GM that rose 590 bps Q/Q to 51.9%.”

The analyst explains that, while management didn’t reveal any specific targets for OPEX reduction, he continues to expect further OPEX cuts in coming quarters.

The analyst does not issue a price target for the stock.

According to TipRanks, Bolton is ranked #38 of 4,057 analysts, He maintains a success rate of 68% and realizes an average return of 16.4%