Marvell price target raised to $127 from $122 at Evercore ISI

Evercore ISI raised the firm’s price target on Marvell (MRVL) to $127 from $122 and keeps an Outperform rating on the shares, reiterating the firm’s view of the company as “a top Custom-AI chip pick” after an October-end quarter EPS beat and raise. Marvell noted that its AI business is expected to beat its prior $1.5B bogey for 2024 by “$100s of millions,” says the analyst, who estimates that its custom AI chip business increased to $250M from $60M quarter-over-quarter.