Citi lowered the firm’s price target on Marvell (MRVL) to $122 from $136 and keeps a Buy rating on the shares. The shares sold off 15% after reporting January quarter earnings and April quarter earnings guidance modestly above estimates, reflecting higher market expectations, the analyst tells investors in a research note. The firm still sees Marvell taking advantage of the “robust” artificial intelligence investments to swiftly scale its application-specific integrated circuit business.
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Read More on MRVL:
- Marvell’s Strategic AI and Networking Advancements Justify Buy Rating and $130 Price Target by 2025
- Marvell’s Strong AI Position and Growth Prospects Drive Buy Rating
- Marvell’s Strategic Alignment with AWS and Market Share Growth Justifies Buy Rating
- Marvell price target lowered to $130 from $150 at Barclays
- Top Analyst Downgrades Marvell (MRVL) Stock After Outlook Fails to Impress Investors
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