Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Marvell to $50 from $55 and keeps an Overweight rating on the shares. The company reported weaker guidance versus expectations as it is seeing persistent weakness in the storage business, which is affecting the data center segment as well as push outs in its custom cloud wins, the analyst tells investors in a research note. However, the firm feels "the worst is in the stock."
Published first on TheFly
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