Needham lowered the firm’s price target on Marvell (MRVL) to $80 from $85 and keeps a Buy rating on the shares. The company’s Q2 results were in-line but its Q3 revenue guidance disappointed as custom silicon revenue declined from Q1, the analyst tells investors in a research note. Marvell management also highlighted progress on its 18 XPU and XPU Attach sockets and revealed the company has won additional sockets since June, but when pressed about its position on the next gen XPUs with Amazon (AMZN) and Microsoft (MSFT), the management declined to comment, Needham added.
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