Marvell price target raised to $135 from $115 at Benchmark

Benchmark raised the firm’s price target on Marvell (MRVL) to $135 from $115 and keeps a Buy rating on the shares after the company “delivered a solid 3Q print and gave an equally encouraging outlook.” With 73% of its revenue currently derived directly from the AI and Data Center markets, which grew 98% annually and 25% sequentially in Q3, the firm believes Marvell offers investors “a unique, non-Nvidia (NVDA), alternative to gain leverage to the AI/Data Center trade.”