Marvell (MRVL) PT Lowered to $90 at KeyBanc

KeyBanc analyst John Vinh lowered the price target on Marvell (NASDAQ: MRVL) to $90.00 (from $115.00) while maintaining a Overweight rating.

The analyst comments "MRVL reported F1Q results and provided a F2Q guide, largely in line with expectations. Data Center results were in line and grew 76% y/y driven by deployments of AWS Trainium 2. Addressing concerns related to the sustainability of its custom AI ASIC franchise, MRVL: 1) reit it expects to grow AI ASIC revs at AWS in FY26 and FY27; 2) remains engaged with AWS on Trainium 3 and 4, noting it has secured the 3nm wafer and adv package capacity; and 3) reits it has secured a design win with MSFT on Maia 200 and is engaged on next-gen Maia 300. Our view has been MRVL has won Trainium 2.5 (Ultra), while Alchip/Annapurna has secured Trainium 3. We still see multiple pathways for MRVL to grow and are fine-tuning ests and lowering our PT. Remain OW. While canceling its in-person event, MRVL plans to host a virtual AI event 6/17."

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