KeyBanc analyst John Vinh raised the firm’s price target on Marvell (MRVL) to $125 from $95 and keeps an Overweight rating on the shares. The firm notes the company reported Q3 results and provided Q4 guidance, which exceeded expectations with upside driven by the significant volume ramp of AI custom ASICS, as Data Center revenues grew almost 100% year-over-year, while Optical remained strong and grew double digits percentage quarter-over-quarter.
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Read More on MRVL:
- Marvell price target raised to $130 from $110 at Wells Fargo
- China retaliates against U.S. chip restrictions, FT reports
- Marvell price target raised to $115 from $85 at Barclays
- Marvell Technology Reports Strong Q3 Revenue Growth
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
