Marvell price target lowered to $70 from $75 at Piper Sandler

Piper Sandler lowered the firm’s price target on Marvell to $70 from $75 and keeps an Overweight rating on the shares. Marvell surpassed Street expectations slightly for the October quarter, but slightly missed relative to January expectations, the analyst tells investors in a research note. Roughly half of the business in the January quarter will be underwater from a growth perspective, including a significant downtick in the carrier space which is expected to be down mid-40% q/q, the analyst tells investors in a research note.