BUZZ-Marvell drops after outlook disappoints investors

** Shares of Marvell Technology MRVL.O fall nearly 8% to $223 premarket

** The chip firm failed to provide a meaningful increase to its long-term revenue outlook despite signing a major new AI chip agreement with Google, disappointing investors looking for evidence that the deal would accelerate growth sooner

** Melius Research raises PT to $350 from $325, says other hyperscalers are also looking to leverage Marvell's Extended Processing Unit (XPU)-attach and inference solutions

** Brokerage also says near-term guidance was modest, but the Google GOOGL.O deal, Microsoft MSFT.O opportunities and AI connectivity remain key long-term growth drivers

** Q2 revenue rose 37% to $2.74 billion, beating estimates of $2.71 billion

** Forty-four analysts rate stock "buy" on average; median PT is $273.56- data compiled by LSEG

** Up to last day's close, the stock had risen 184% YTD