Cowen analyst Karl Ackerman raised his price target on Marvell to $28 from $26 and said the company remains in the middle innings of transforming itself from a laggard to a leader in semis as it continues to reposition its product portfolio toward secular demand drivers. He said it remains one of the most levered names in semis to the 5G network and the July quarter should represent the nadir as its many design wins should soon hit the bottom line allowing the company to achieve its $1.70+ earnings power in 2021. Ackerman reiterated his Outperform rating on Marvell shares.