BofA raised the firm’s price target on Marvell (MRVL) to $80 from $68 and keeps a Buy rating on the shares, telling investors that the firm’s discussions with Nvidia (NVDA) and Marvell were “very positive” at the CES tradeshow in Las Vegas this week. The talks with Marvell indicated their custom AI chip ramp could be 1.5-2 times the $250M and $450M the firm assumed previously for calendar 2024 and 2025, respectively, and it consequently raises its target on the vendor for critical compute and networking parts to cloud customers, the analyst noted.
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