- Cowen downgrades Marvell Technology (NASDAQ:MRVL) from Outperform to Underperform and cuts the target from $27 to $18.
- Analyst Karl Ackerman says the 5G opportunity appears pushed out and sees downside risks through CY22 due to "elongated 5G infrastructure spending and unbalanced 5G provider exposure."
- The analyst expects structural headwinds to the HDD business and for SSD providers to push into the merchant enterprise controller TAM.
- Marvell shares are down 2.9% pre-market to $25. The company has a Bullish average Sell Side rating.