Marvell price target raised to $85 from $80 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Marvell to $85 from $80 and keeps an Overweight rating on the shares. The firm was prepared for an earnings miss led by Marvell’s more-cyclical businesses, but the magnitude clearly came as a surprise, the analyst tells investors in a research note. While a quick recovery is unlikely, and this should weigh on Marvell’s earnings power well into CY25, the growth story is well intact, and Marvell continues to execute on additional 5nm designs and is engaged on 3nm opportunities within the Data Center. The firm is a buyer on share weakness.