Marvell (MRVL) PT Raised to $98 at Jefferies

Jefferies analyst Mark Lipacis raised the price target on Marvell (NASDAQ: MRVL) to $98.00 (from $82.00) while maintaining a Buy rating following results.

The analyst commented, "MRVL remains a top pick after posting 12% EPS beat for both 3Q reported and 4Q outlook, and providing a FY23 rev outlook for 33% growth vs Street at 22%. MRVL has a unique mix of silicon assets across networking, processing and interconnect, that position it to offer comprehensive solutions and gain share in the high growth datacenter, 5G and Auto semis market. We think MRVL has high visibility, and we increase our FY2027 EPS power to $4.78 and PT to $98."

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