Stifel analyst Tore Svanberg raised the firm’s price target on Marvell to $86 from $72 and keeps a Buy rating on the shares. January-end quarter results met expectations, but the company offered a “materially lower” April-end quarter outlook due to sharply, and persistently, softer non-data center revenue. However, the firm believes AI-related revenue could be tracking to about $1.4B in FY25, which it notes would be +75% above prior expectations for $800M.
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