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Benzinga
Benzinga
Business
Anusuya Lahiri

Raymond James Lists Marvell's Sources Of Growth, Profitability Leading To Upgrade

Marvell Raymond James MRVL Chris Caso Marvell Technology Inc Nasdaq
  • 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.
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