Marvell price target lowered to $55 from $70 at Cowen

Cowen analyst Matthew Ramsay lowered the firm’s price target on Marvell to $55 from $70 and keeps an Outperform rating on the shares. The analyst said management called out broad-based macro, China, and DC/Storage weakness as culprits driving an inventory correction. Ramsay said longer-term, secular growth drivers across Cloud, 5G, Custom Silicon, and Auto remain bright spots.