Marvell (MRVL – Research Report), the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Aaron Rakers from Wells Fargo maintained a Buy rating on the stock and has a $120.00 price target.
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Aaron Rakers has given his Buy rating due to a combination of factors that highlight Marvell’s strategic positioning and growth potential. One of the key reasons is Marvell’s strong alignment with AWS’s next-generation Trainium3 program, which is expected to boost their custom XPU revenue significantly. This positioning is seen as a positive development amidst market concerns about competition from other companies.
Additionally, Marvell’s confidence in gaining market share in the Data Center segment is another crucial factor. The company has outlined a substantial total addressable market opportunity by 2028, with expectations of capturing a significant share. This, combined with the anticipated recovery in Enterprise Networking and Carrier segments, supports a path to increased earnings per share. Despite some market volatility, Rakers sees Marvell as well-positioned for future growth, justifying the Buy rating.
In another report released today, KeyBanc also maintained a Buy rating on the stock with a $115.00 price target.
MRVL’s price has also changed moderately for the past six months – from $69.890 to $90.140, which is a 28.97% increase.