Marvell Technology Analysts Raise Their Forecasts Following Upbeat Q3 Earnings - Marvell Tech (NASDAQ:MRVL)

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] - 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] - The company announced the acquisition of Celestial AI, which is expected to enhance its product offerings [2] Financial Performance - Marvell's Q3 revenue of $2.075 billion set a record, driven by strong demand for data center products [2] - The stock price increased by 3.7% to $96.29 following the earnings announcement [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 those from Wells Fargo, Deutsche Bank, and Oppenheimer, raised their price targets significantly, with Oppenheimer increasing it from $115 to $150 [4]