Morgan Stanley analyst Joseph Moore lowered the firm’s price target on Marvell (MRVL) to $76 from $80 and keeps an Equal Weight rating on the shares. The quarter and guidance was in-line when accounting for the sale of the company’s auto ethernet business, but the data center business “disappointed,” says the analyst, who is not surprised at “lumpiness,” but is surprised that the ASIC full year outlook continues to fall even as Trainium builds strengthen elsewhere.
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