Marvell price target raised to $130 from $90 at JPMorgan

JPMorgan analyst Harlan Sur raised the firm’s price target on Marvell (MRVL) to $130 from $90 and keeps an Overweight rating on the shares. The company delivered better than expected Q3 results on accelerating growth in its datacenter business, the analyst tells investors in a research note. The firm says Marvell’s cyclical businesses are now inflecting higher and the artificial intelligence cyclical tailwinds will continue into 2025, catalyzing a multi-quarter period of positive earnings revisions.