Marvell price target raised to $80 from $72 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Marvell (MRVL) to $80 from $72 and keeps a Neutral rating on the shares. The firm expects focus to be on Q4 Datacenter revenue guidance given a steep expected ramp in custom compute and continued strength in Optics, and thinks expectations are elevated heading into the print, the analyst tells investors in a research note. Goldman sees Marvell delivering modest upside to Q4 guidance given the robust AI infrastructure spending environment and positive CapEx revisions at key customers.