Barclays analyst Blayne Curtis lowered the firm’s price target on Marvell Technology Group to $55 from $60 and keeps an Overweight rating on the shares post the Q3 results. The analyst says storage is the biggest near-term headwind but that the softness is "much broader and the correction likely lingers into next year." He expects enterprise and the cloud to get worse.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on MRVL:
- Marvell price target lowered to $55 from $80 at Piper Sandler
- Marvell (NASDAQ:MRVL) Stock Dips on Q3 Miss, Weak Outlook
- Marvell Technology, Inc. Reports Third Quarter of Fiscal Year 2023 Financial Results
- Marvell sees Q4 adjusted EPS 46c +/- 5c, consensus 62c
- Marvell reports Q3 adjusted EPS 57c, consensus 59c