- Two analysts re-rated Marvell Technology Inc (NASDAQ:MRVL) today.
- Raymond James analyst Chris Caso upgraded Marvell from Market Perform to Outperform with an $80 price target.
- The price target implied an upside of 35.5%.
- As cyclical and macro factors drive concerns on the broader group, Caso took a fresh look at MRVL to identify the sources of growth and the probability of that growth amid market uncertainty.
- Caso saw 75% of the incremental revenue necessary to achieve consensus FY24 estimates would likely come from semi-custom cloud ASICs and Innovium switches or 5G base station chips, the 400G optical networking transition, and automotive ethernet.
- Barclays analyst Blayne Curtis maintained Marvell with an Overweight and lowered the price target from $90 to $80.
- Price Action: MRVL shares traded higher by 2.09% at $59.66 on the last check Monday.
