Marvell price target lowered to $56 from $58 at Stifel

Stifel analyst Tore Svanberg lowered the firm’s price target on Marvell to $56 from $58 and keeps a Buy rating on the shares. While the June quarter is typically the strongest sequential growth quarter for the analog semiconductor industry, the firm believes the continuous semi inventory correction, coupled with weakening sell-through, could result in Q2 being down perhaps as much as 5% quarter-over-quarter for the group, the analyst tells investors in a Q1 earnings preview note. The firm adds that "earnings cuts have never been this divergent across the companies in our coverage" as investors seek to find model resets.