Share prices of Marvell Technology (NASDAQ: MRVL) surged to new highs this year, as investors anticipate strong artificial intelligence (AI) demand boosting the company's data center solutions business.

Earlier this week, KeyBanc analysts maintained their overweight (buy) rating on the shares but reduced their price target from $95 to $90 after noting the potential for product delays to negatively impact the company's growth this year. The new price target for the next 12 months or so still represents a nearly 24% upside over the current share price.

Marvell reported improving growth last quarter, driven by strong demand for AI in the data center. Total revenue only grew 1% year over year but revenue from the data center business increased by an impressive 54% over the year-ago quarter.

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Source Fool.com