Oppenheimer analyst Rick Schafer lowered the firm’s price target on Marvell to $80 from $90 to reflect reflects group multiple compression, while keeping an Outperform rating on the shares ahead of quarterly results. The analyst sees Q3 sales/EPS in line at $1.56B/59c led by cloud, 5G and auto. Looking forward, Schafer sees continued consumer weakness as well as slower enterprise, reflecting macro headwinds.
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