Marvell downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Tom O’Malley downgraded Marvell (MRVL) to Equal Weight from Overweight with an unchanged price target of $80. The firm believes the application-specific integrated circuits story into 2026 “is less robust than initially expected.” Marvell’s optics growth should remain robust into next year on the strength of the 800G cycle, but Barclays is concerned about long-term share dynamics with Broadcom (AVGO) gaining share at 1.6T, the analyst tells investors in a research note.