Why Marvell Technology Sank Today
Shares of Marvell Technology (NASDAQ: MRVL) fell as much as 10.1% on Monday, before recovering to a 7.5% decline as of 12:46 p.m. EDT.
The company reported better-than-expected third-quarter earnings last week, leading to a rise; however, one analyst threw cold water on the recent jump today, raising the perennial question of whether Marvell has lost a custom XPU contract for Amazon's (NASDAQ: AMZN) next-gen Trainium chips.
Today, sell-side research analysts at Benchmark downgraded Marvell to a "Hold" rating from "Buy," while withdrawing a specific price target.
Source Fool.com
Benchmark El. Inc. Stock
€41.60
0.480%
Benchmark El. Inc. is currently one of the favorites of our community with 7 Buy predictions and no Sell predictions.
With a current price of 41.6 € Benchmark El. Inc. is right around the predicted target price of 42 €.
