Marvell downgraded at Cantor Fitzgerald amid delayed Investor Day event

Cantor Fitzgerald analyst C.J. Muse downgraded Marvell (MRVL) to Neutral from Overweight with a price target of $60, down from $125. The firm believes the meaningful selloff of Marvell shares since its January peak reflects the loss of Trainium Gen3 Amazon (AMZN), but not the loss of Microsoft (MSFT) Maia Gen3, which the firm believes will happen according to industry checks, the analyst tells investors in a research note. With management delaying the Investor Day event, Cantor believes there “is not too much good news,” and worries about the “lack of stickiness” in Marvell’s custom silicon business, which could weigh permanently on that part of the business’s multiple.