Marvell price target raised to $110 from $95 at Loop Capital

Loop Capital raised the firm’s price target on Marvell (MRVL) to $110 from $95 and keeps a Hold rating on the shares after its Q3 earnings beat. With the stock trading at an all-time high and with a valuation higher than NVIDIA (NVDA), investors clearly needed to see a substantial beat-and-raise out of Marvell’s results and Q4 outlook, and based on the Q4 revenue guide that was 9% higher than prior consensus – and based on the share price reaction – it appears that bullish expectations for the quarter have been met, the analyst tells investors in a research note. Loop adds that its neutral stance on the stock mostly reflects its valuation.