Citi opens ‘positive catalyst watch’ on Marvell into AI event

Citi opened a “30-day positive catalyst watch” on shares of Marvell Technology going into the company’s artificial intelligence investor event on April 11. The stock’s recent underperformance following Marvell’s weaker than expected April quarter guidance offers an 18% valuation discount to the company’s AI peers, the analyst tells investors in a research note. Citi expects Marvell to talk about an estimated $40B custom application-specific integrated circuit total addressable market by 2027 and custom ASIC ramps. It keeps a Buy rating on the shares with a $91 price target.