Marvell price target lowered to $55 from $80 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Marvell to $55 from $80 and keeps an Overweight rating on the shares. The company reported October quarter results which were slightly below expectations, but the January quarter guidance significantly missed by $200M on the top line, Kumar tells investors in a research note. Marvell is currently seeing a slowdown in its data center vertical and is also seeing weakness out of China which is impacting the enterprise networking segment, says the analyst. Despite this, U.S. cloud "appears to be holding on although at a decelerated growth rate," he adds.