Marvell downgraded to Hold at TD Cowen on clouded visibility

As previously reported, TD Cowen downgraded Marvell (MRVL) to Hold from Buy with a price target of $85, down from $90. Low custom XPU visibility combined with growing competition in Marvell’s leading electro-optics franchise “makes it difficult for us to underwrite” the Street’s FY27 estimates, says the firm, which lowered its own estimates “slightly.”