Oppenheimer analyst Rick Schafer reiterated an Outperform rating and $26 price target on Marvell, saying his structural bull thesis is intact following the company's Q4 results. In a research note to investors, Schafer says management noted improvement in bookings over the past few weeks and sees the first quarter as the bottom for Storage and Networking. Shafer says Marvell is undershipping demand, particularly in storage as channel inventories clear. 5G infrastructure is a growth catalyst for late this year and adds that management is executing well through a challenging storage environment made worse by macro uncertainties and ongoing semi cycle correction.