- Most analysts slashed their price targets on Marvell Technology Inc (NASDAQ:MRVL) post Q4 results.
- 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.
BREAKING: Fyllo Continues Hiring Spree With Three New Additions To Senior Team
Cannabis compliance technology platform Fyllo bolstered its leadership team with several high-powered executive hires, including Robert Hucik as executive vice president of engineering, Dawn Hartman as vice president of sales and regulatory databases and Rachel De La Montanya as regional vice president of media for the west.
