Robert -
No, I don't think this means a burned valve in your case since you had good
compression on this cylinder when you checked it. If the valve were burned
there would be little compression if any.
It is possible that there is something wrong with that valve, but before
doing anything major, I'd pull the cam and adjust the clearance back to spec
with the appropriate shim and see what happens.
I ran into this very same problem on another car once, but I think it was
the result of someone else doing some cylinder head work on the car who
didn't have a clue as to how to assemble an Alfa.
Adjust it and let us know what happens ...
Jeff