Bank of America Cuts Marvell Target to $225 After Lumentum Deal
Photo: TokenPost
Bank of America cut its rating on Marvell Technology to neutral from buy and lowered its price target to $225, citing risks tied to the chipmaker’s planned Lumentum acquisition. Marvell announced plans for an all-stock purchase of Lumentum valued at more than $100 billion. Its shares fell 13% on Nov. 2 after the announcement. The new $225 target is 31% above the stock’s close that day, down from the bank’s previous $400 target. Bank of America analyst Vivek Arya cited the risk of an extended regulatory review, including in China.
Source: TokenPost
