Citi lowered the firm’s price target on Marvell (MRVL) to $122 from $136 and keeps a Buy rating on the shares. The shares sold off 15% after reporting January quarter earnings and April quarter earnings guidance modestly above estimates, reflecting higher market expectations, the analyst tells investors in a research note. The firm still sees Marvell taking advantage of the “robust” artificial intelligence investments to swiftly scale its application-specific integrated circuit business.
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