Wells Fargo analyst Gary Mobley lowered the price target to $70 from $80 (7.5% upside) and maintained an Equal-Weight following the "respectable" beat and raise quarter.
Considering the upbeat results and the pullback in the equity markets & chip sector, Mobley says it is tempting to become more constructive on Marvell but is sticking with his Equal Weight rating. He believes Marvell can exit FY23 with a backlog higher than at the start of the FY, despite capacity additions.
Needham analyst Quinn Bolton maintained a Buy and lowered the price target from $115 to $105 (61.2% upside).
Rosenblatt analyst Hans Mosesmann maintained a Buy and raised the price target from $120 to $125 (91.9% upside).
Deutsche Bank analyst Ross Seymore maintained a Buy and lowered the price target from $100 to $90 (38.2% upside).
B. Riley Securities analyst Craig Ellis maintained a Buy and lowered the price target from $115 to $95 (45.9% upside).
Morgan Stanley analyst Joseph Moore maintained an Equal-Weight and lowered the price target from $86 to $80 (22.8% upside).
Summit Insights Group analyst Kinngai Chan downgraded from Buy to Hold.
Price Action: MRVL shares traded higher by 3.70% at $62.77 on the last check Friday.
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