BofA analyst Vivek Arya raised the firm’s price target on Marvell (MRVL) to $125 from $108 and keeps a Buy rating on the shares. Following earnings, the firm says it believes Marvell “presents a unique investment in AI electro-optics and custom chips,” calling the company well positioned to drive about 40%-50% annual EPS growth for the next several years. While bears may complain about gross margin pressure as mix shifts to custom chips, the net result is still accretive to operating income and EPS, argues the analyst. In addition, Marvell’s CEO affirmed that he is “all-in” committed to staying at the company, refuting media reports about his being considered for external opportunities such as the opening to lead Intel (INTC), BofA noted.
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Read More on MRVL:
- Marvell price target raised to $135 from $115 at Benchmark
- Marvell price target raised to $130 from $90 at JPMorgan
- Marvell price target raised to $112 from $91 at Citi
- Marvell price target raised to $120 from $100 at Piper Sandler
- Marvell price target raised to $115 from $110 at UBS
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
