** AI chipmaker Marvell Technology's MRVL.O shares rise 2.8% to $91.90

** Morgan Stanley raises PT to $86 from $76, still implying a downside of 3.8% to stock's last close

** Brokerage says it expects data center revenue to be flat in the coming quarter, with strong demand for optical components used in high-speed data transfers

** "We model a return to data center growth in the JanQ, and see potential for upside from AI optics" - Morgan Stanley

** Average rating of 43 analysts is "buy," their median PT is $90 - data compiled by LSEG

** Up to last close, MRVL has fallen 19.1% this year

(Reporting by Anhata Rooprai in Bengaluru)

((Anhata.Rooprai@thomsonreuters.com))