Analysts raised their price targets on Marvell Technology Inc (NASDAQ:MRVL) following Q3 beat and solid Q4 outlook.

• KeyBanc analyst John Vinh maintained an Overweight rating and raised the PT from $80 to $95, suggesting a 33.7% upside to Thursday's closing price of $71.03.
• Oppenheimer analyst Rick Schafer raised the PT to $110 from $100 (54.9% upside) and kept an Outperform. 
• The company last night reported a "marvelous" quarter and outlook, says the analyst, who believes Marvell has 100% backlog coverage for next year. 
• Schafer sees upside potential as management solves supply bottlenecks.
• Cowen analyst Karl Ackerman upgraded to Outperform from Market Perform with a PT of $100, up from $66 (40.8% upside). 
• It's hard to argue that last night's results were "anything but a watershed quarter" with better guidance and an expanding design pipeline that anchors a new FY23 outlook. 
• The analyst says Marvell's "fortified portfolio sits in the sweet spot of several thematic secular growth drivers" that will allow it to outgrow the broader semi-space materially.
• Piper Sandler analyst Harsh Kumar raised the PT to $100 from $70 and kept an Overweight. 
• The company reported "exceptionally strong" results and provided guidance ahead of expectations as management expects the broad-based growth to continue into FY23.
• Deutsche Bank analyst Ross Seymore raised the PT to $100 from $76 and kept a Buy. 
• The company last night delivered its "most bullish report/guide in recent memory."  
• While improving supply helped deliver the near-term upside, the fiscal 2023 outlook comes from existing design wins, providing substantial growth across all of the company's key growth markets, with supply assumed to remain a constraint relative to demand.
• Price Action: MRVL shares traded higher by 19.5% at $84.9 in the premarket session on the last check Friday.