BofA analyst Vivek Arya lowered the firm’s price target on Marvell to $65 from $75 and keeps a Buy rating on the shares. While Marvell’s Q3 was inline, its Q4 outlook was somewhat weaker than BofA expected, with weakness persisting into Q1 and only stabilizing in Q2, the analyst tells investors. The firm models FY25 to be a growth year, but its new pro forma EPS of $1.87 is below the $2.12 Marvell reported in FY23, despite all the growth in AI, the analyst added.
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