Marvell price target lowered to $70 from $80 at Oppenheimer

Oppenheimer analyst Rick Schafer lowered the firm’s price target on Marvell to $70 from $80 to reflect group multiple compression, while keeping an Outperform rating on the shares. The analyst doesn’t believe the environment has changed since management cut estimates on 12/1, citing broad enterprise storage weakness. Revenues now expected flattish in 2023, with slower cloud and enterprise baked into the model, Schafer notes. Despite slowdowns, cloud expected up this year, he adds. A top pick, the analyst remains a long-term buyer.