Marvell Technology slips amid KGI Securities downgrade

[Marvell Technology Group operating headquarters in Silicon Valley]
Sundry Photography

* Marvell Technology (NASDAQ:MRVL [https://seekingalpha.com/symbol/MRVL]) slipped fractionally on Thursday after investment firm KGI Securities downgraded the specialty semiconductor company.
* Analysts at the firm cut their rating on Marvell to Neutral from Outperform and lowered its price target to $75 from $95. The analysts also expressed concern about potential competition in the custom application specific integrated circuit market, which could negatively impact Marvell's business.
* Marvell has designed both Amazon's (AMZN [https://seekingalpha.com/symbol/AMZN]) Trainium chips and Microsoft's (MSFT [https://seekingalpha.com/symbol/MSFT]) Maia chips.
* Marvell did not immediately respond to a request for comment from Seeking Alpha.

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