KeyBanc analyst John Vinh lowered the firm’s price target on Marvell to $65 from $75 and keeps an Overweight rating on the shares. Marvell’s Q3 results were slightly below consensus and Q4 was guided meaningfully lower, with revenue expected to decline 9% q/q, Vinh tells investors in a research note. The analyst was disappointed with these results but continues to have conviction in long-term secular growth opportunities for Marvell in 5G, cloud, and auto.
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Published first on TheFly
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Read More on MRVL:
- Marvell price target lowered to $55 from $80 at Piper Sandler
- Marvell (NASDAQ:MRVL) Stock Dips on Q3 Miss, Weak Outlook
- Marvell Technology, Inc. Reports Third Quarter of Fiscal Year 2023 Financial Results
- Marvell sees Q4 adjusted EPS 46c +/- 5c, consensus 62c
- Marvell reports Q3 adjusted EPS 57c, consensus 59c