Marvell Technology Analysts Raise Their Forecasts Following Upbeat Q3 Earnings

Core Insights - Marvell Technology Inc. reported better-than-expected earnings for Q3, with adjusted earnings of 76 cents per share, surpassing the analyst estimate of 73 cents [1] - The company's quarterly revenue reached $2.08 billion, exceeding the Street estimate of $2.07 billion and showing a significant increase from $1.52 billion in the same period last year [1][2] - Marvell announced the acquisition of Celestial AI, which is expected to enhance its product offerings [2] Financial Performance - The record third-quarter revenue of $2.075 billion was driven by strong demand for data center products, according to CEO Matt Murphy [2] - Following the earnings announcement, Marvell shares increased by 3.7%, trading at $96.29 [2] Analyst Ratings and Price Targets - Needham analyst N. Quinn Bolton maintained a Buy rating and raised the price target from $95 to $120 [4] - Benchmark analyst Cody Acree also maintained a Buy rating, increasing the price target from $95 to $130 [4] - Multiple analysts, including Rosenblatt, Wells Fargo, Deutsche Bank, and Keybanc, maintained their ratings and raised price targets significantly, with some targets reaching as high as $156 [4]