UPDATE: JP Morgan Lowers PT on Marvell Technology Group from $21 to $19

J.P. Morgan has published a research report on Marvell Technology Group MRVL lowering the price target by $2.00 in anticipation of 2Q earnings. In the report, J.P. Morgan wrote, "We believe that the new program ramps that are in progress now should continue to drive growth for MRVL through C12. The stock should move higher from current levels as the market has discounted the weaker 2H outlook given the 35% decline from its peak in January, and muted 3Q outlooks from peers." J.P. Morgan rated Marvell Technology Group an Overweight with a price target lowered from $21.00 to $19.00. Marvell Technology Group closed Friday at $12.58.