Marvell price target raised to $112 from $91 at Citi

Citi raised the firm’s price target on Marvell (MRVL) to $112 from $91 and keeps a Buy rating on the shares. The company MRVL posted a “strong beat and raise” quarter as it hit an inflection point in sales of custom compute artificial intelligence chips, the analyst tells investors in a research note. The firm says Marvell also announced a five-year strategic partnership with Amazon Web Services earlier in the week that confirms a strong Trainium scale up based on 30%-40% better price and performance. Citi calls Marvell its top custom application-specific integrated circuits compute play into 2025.