Jefferies analyst Mark Lipacis raised the firm’s price target on Marvell to $98 from $68 and keeps a Buy rating on the shares. January quarter results were in-line and April quarter guidance missed expectations on weakness in carrier, enterprise and lumpy automotive revenue, but Marvell highlighted that its AI revenues were greater than $200M this quarter and expects calendar 2024 AI revenues to exceed $800M, the analyst tells investors. The firm models data center revenues to be up 55% year-over-year in calendar 2025, the analyst added.
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