Marvell price target raised to $125 from $95 at KeyBanc

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.