Needham has decided to maintain its Buy rating of Marvell Tech MRVL and lower its price target from $64.00 to $50.00.
Shares of Marvell Tech are trading down 5.03% over the last 24 hours, at $43.12 per share.
A move to $50.00 would account for a 15.97% increase from the current share price.
About Marvell Tech
Marvell Technology is a leading fabless chipmaker focused on networking and storage applications. Marvell serves the data center, carrier, enterprise, automotive, and consumer end markets with processors, optical interconnections, application-specific integrated circuits (ASICs), and merchant silicon for Ethernet applications. The firm is an active acquirer, with five large acquisitions since 2017 helping it pivot out of legacy consumer applications to focus on the cloud and 5G markets.
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