Marvell price target lowered to $100 from $125 at Rosenblatt

Rosenblatt analyst Hans Mosesmann lowered the firm’s price target on Marvell to $100 from $125 and keeps a Buy rating on the shares. The company delivered inline January quarter results but storage inventory-related drawdowns continued exiting the quarter and broadened to data center/enterprise networking, the analyst tells investors in a research note. The firm, however, continues to highlight Marvell shares as a top secular idea on artificial intelligence driven custom ASIC demand.