Marvell price target lowered to $100 from $130 at Roth MKM

Roth MKM lowered the firm’s price target on Marvell (MRVL) to $100 from $130 and keeps a Buy rating on the shares. The company reported largely in-line results and growth guidance, reflecting continued strong AI revenue growth across custom ASIC programs and optical networking demand, but while the firm expects continued AI revenue growth with expanding custom ASIC and connectivity opportunities across key hyperscalers, its price target cut reflects the lower overall market valuations, the analyst tells investors in a research note.