Marvell price target raised to $125 from $110 at Oppenheimer

Oppenheimer analyst Rick Schafer raised the firm’s price target on Marvell (MRVL) to $125 from $110 and keeps an Outperform rating on the shares after the company reported beat/raise results. The firm notes Q3 sales/EPS topped consensus 4%/5%. More impressively, Q4 guided 9%/13% ahead of Street led by accelerating custom AI ASIC and networking.