Marvell price target lowered to $50 from $64 at Needham

Needham analyst N. Quinn Bolton lowered the firm’s price target on Marvell to $50 from $64 but keeps a Buy rating on the shares after its Q3 earnings miss and below-consensus guidance. Marvell management emphasized throughout the call the impact inventory corrections are having on several end markets, which is expected to last multiple quarters, with other major headwinds including weak demand for storage products and the China market, the analyst tells investors in a research note. Bolton adds however that he also sees limited downside from the stock’s current levels following the cuts.