Marvell price target raised to $105 from $88 at BofA

BofA raised the firm’s price target on Marvell (MRVL) to $105 from $88 and keeps a Neutral rating on the shares. The company had a “very confident tone” and sales visibility on the call, but the firm reiterates its Neutral rating based on three points: FY27 EPS is relatively unchanged given expected dilution from the planned Celestial AI acquisition; the 25%-plus year-over-year data center growth rate next year is strong, but below the 50%-100% growth rate for AI compute peers; and FY28 growth depends on ramp at new customer Microsoft (MSFT), who does not have a history of large internal ASIC programs and who already has choice of incumbent Nvidia (NVDA) and partner OpenAI-Broadcom (AVGO) design IP.