Marvell price target lowered to $130 from $150 at Barclays

Barclays analyst Tom O’Malley lowered the firm’s price target on Marvell (MRVL) to $130 from $150 and keeps an Overweight rating on the shares following the Q4 report. The company reported “solid numbers” but “missed the high watermark” set by the rest of the Amazon (AMZN) supply chain, the analyst tells investors in a research note. The firm says that while Marvell continues to “sound good” about the future of its application-specific integrated circuit prospects, the Amazon numbers near term “are a bit lower, which is the real sticking point for a market punishing anything not perfect in AI.”