Melius Research downgraded Marvell (MRVL) to Hold from Buy with an unchanged price target of $66. The firm is moving to the sidelines, telling investors in a research note that “this call just hasn’t worked out.” Melius says there is a risk that shares stay rangebound and/or do not perform as well as the bulk of its semis and hardware coverage for the rest of 2025 and 2026. Additionally, the firm says there is not much revenue upside in calendar 2025 due to a slower ramp of Amazon’s (AMZN) Tranium, and the case for upside in 2026-2028 is clouded by Marvell’s roles associated with AWS’ Trainium 3 and Trainium 4 accelerators.
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