Marvell price target raised to $170 from $150 at Oppenheimer

Oppenheimer analyst Rick Schafer raised the firm’s price target on Marvell (MRVL) to $170 from $150 and keeps an Outperform rating on the shares after hosting an investor meeting with the company management. The tone of the discussions was “unequivocally bullish” as the company highlighted accelerating growth outlook led by DCAI networking and ASIC, the analyst tells investors in a research note. Oppenheimer adds that it sees Marvell share stable to increasing across core networking markets.