UPDATE: Marvell (MRVL) PT Lowered to $78 at Citi, 'continue to view MRVL as a multi-year data center growth story'

Citi analyst Atif Malik lowered the price target on Marvell (NASDAQ: MRVL) to $78.00 (from $90.00) while maintaining a Buy rating.

The analyst comments "MRVL posted modest 1% EPS beat on the Apr-Q and guided Jul-Q 2% above Street EPS as sales from infrastructure data center which are ~88% of overall sales were stronger than expected. Management continues to see strong bookings trends particularly in data center (~44% of sales) to drive more than 35%+ (Citi 38%) overall sales growth offset partially by consumer weakness (~12% of sales). MRVL expects $400M/$800M of incremental data center sales in next two years from new design wins. We adjust our CY22/23/24 EPS modestly or 1% and trim TP to reflect lower market multiples. We value MRVL at $78 or 27x P/E in line with three year average, vs prior 30x, on CY23 EPS of $2.90. Remain Buy-rated and continue to view MRVL as a multi-year data center growth story."

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