KeyBanc raised the firm’s price target on Marvell to $95 from $70 and keeps an Overweight rating on the shares. Marvell reported in line Q4 results and guided Q1 lower, as strong AI revenues were unable to offset weaker revenues from Carrier Infrastructure, Enterprise Networking and Consumer, the analyst tells investors in a research note. Despite the guide down, KeyBanc is encouraged by indications AI Application Specific Integrated Circuits have begun shipping.
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