Fly News Breaks for March 2, 2020
Mar 2, 2020 | 06:55 EDT
B. Riley FBR analyst Craig Ellis lowered the firm's price target on Marvell Technology Group to $28 from $32 and keeps a Buy rating on the shares ahead of the company's Q4 results on March 4. The analyst expects the print to be in line with Street estimates, but he sees risk to Q1 estimates due to coronavirus issues. The "dynamic is macro rather than company execution," Ellis tells investors in a pre-earnings research note. With that said, the analyst views the recent share pullback as overdone, but admits that he's "not calling a bottom."
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