Marvell price target lowered to $90 from $113 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Marvell (MRVL) to $90 from $113 and keeps an Equal Weight rating on the shares. The quarter was “essentially in line,” which is a disappointment given high expectations for the ASIC businesses, the analyst tells investors. Citing comments on the callback, the firm argues “we seem to be past the major inflection point for Trainium2,” but adds that management suggests ASIC will grow each quarter and “seems confident” in Trainium 3, so the “risk reward seems ok.”