KeyBanc lowered the firm’s price target on Marvell (MRVL) to $90 from $115 and keeps an Overweight rating on the shares. The firm notes the company reported Q1 results and provided a Q2 guide, largely in line with expectations. Data Center results were in line and grew 76% year-over-year driven by deployments of AWS Trainium 2. Addressing concerns related to the sustainability of its custom AI ASIC franchise, Marvell reiterated it expects to grow AI ASIC revs at AWS in FY26 and FY27; remains engaged with AWS (AMZN) on Trainium 3 and 4, noting it has secured the 3nm wafer and adv package capacity; and reiterates it has secured a design win with Microsoft (MSFT) on Maia 200 and is engaged on next-gen Maia 300.
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Read More on MRVL:
- Marvell price target raised to $73 from $70 at Morgan Stanley
- Marvell price target lowered to $95 from $120 at Wells Fargo
- Marvell Technology: Strategic Positioning and Growth Prospects Justify Buy Rating with $95 Price Target
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