KeyBanc lowered the firm’s price target on Marvell (MRVL) to $90 from $95 and keeps an Overweight rating on the shares following quarterly supply chain findings. The firm sees moderately negative implications for Marvell as it believes its design win for next-generation Trainium at AWS (AMZN) has been delayed and is likely to ramp in 2025 vs. the second half of 2024; and Nvidia’s (NVDA) new GB200 server rack design will not require optical connectors within a server rack and fewer optical connectors within data centers running GB200.
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