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Technology Stocks : Semi Equipment Analysis

SOXX 312.18

-0.2%

Dec 9 4:00 PM EST

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From: Julius Wong	3/10/2024 8:22:53 AM
	1 Recommendation of 95541

Marvell dips amid Q1 guidance woes but analysts remain largely positive Marvell Technology's (NASDAQ:MRVL) stock fell about 7% on Friday after the company's first-quarter guidance came below expectations, however, analysts are largely positive on the stock. Citi Research maintained its Buy rating noting that data center business led by AI remains the bright spot. The firm also raised its price target on the stock to $91 from $75. Morgan Stanley remained Equal-weight on Marvell but noted that it prefers other AI names at current levels. The firm lowered the price target on the shares to $71 from $84. Summit Insights upgraded Marvell's stock to Buy. Senior Analyst Kinngai Chan said that consistent with their view, AI-related growth was not enough to offset weakness in the company's other end-markets. They think Marvell's Carrier, Enterprise Networking, and Consumer sales will bottom in the April quarter. seekingalpha.com

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