Marvell slides after Q1 results

Shares of networking and custom AI chipmaker Marvell Technology MRVL.O down 3.7% at $61.45 in premarket trading

Co reported rev of $1.9 bln in Q1, largely in line with analysts' avg est of $1.88 bln; forecast Q2 rev above Wall Street estimates

TD Cowen says "long-term momentum" for MRVL exists, but limited upside and visibility in custom segments make the stock a battleground; raises PT to $70 from $60

Jefferies trims PT to $90 from $100; expects earnings to improve in 2026 and 2027, but does not expect much growth this year due to co's dependence on Trn2, which is Amazon’s second-generation AI training chip

Average rating of 40 analysts is "buy"; median PT is $95.5 — data compiled by LSEG

As of last close, MRVL was down ~42.3% YTD