Marvell price target lowered to $60 from $80 at Raymond James

Raymond James analyst Melissa Fairbanks lowered the firm’s price target on Marvell to $60 from $80 and keeps an Outperform rating on the shares following the October quarter results. Marvell, similar to others in the industry, guided for a hard reset, though this shortfall is largely related to weakness and inventory overhang in the Storage market, Fairbanks tells investors in a research note. All new product and customer engagements continue to ramp as expected, with growth in those specific areas likely to more than offset headwinds in the base business next year, the analyst contends.