Marvell price target raised to $120 from $95 at Needham

Needham raised the firm’s price target on Marvell (MRVL) to $120 from $95 and keeps a Buy rating on the shares after its Q3 results. The company reported a beat and a strong raise as the Data Center segment continues to outperform, driven by a faster than expected custom silicon ramp, the analyst tells investors in a research note. Needham further notes that Marvell believes it can keep gross margins above 60% through next year as other parts of the business recover and better absorption of fixed costs helps offset the strong ramp in custom silicon.