Marvell price target lowered to $120 from $140 at Wells Fargo

Wells Fargo analyst Aaron Rakers lowered the firm’s price target on Marvell (MRVL) to $120 from $140 and keeps an Overweight rating on the shares. The firm says it appreciates some selloff on an in-line print plus guide. However, a 10%-plus pullback seems excessive. Marvell’s design confidence in AWS’ (AMZN) next-generation Trainium3 should be considered net positive. Wells reiterates thesis on path to $4/share EPS.