Marvell price target lowered to $70 from $90 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Marvell (MRVL) to $70 from $90 and keeps an Equal Weight rating on the shares. In addition to Nvidia (NVDA), several other “AI centric names” report this week, notes the analyst. The firm sees expectations for Marvell – which is reporting after market close on Thursday, May 29 – having come down following the company’s mid quarter update. The company reiterated their revenue guidance and narrowed the range to $1.85B plus or minus 2%, versus a prior 5%, notes the analyst, who calls the pre-announcement “somewhat disappointing” given the ongoing positivity from the Trainium supply chain, strength in optical, and an anticipated rebound in traditional networking/storage/communications infrastructure.