Citi analyst Atif Malik moved Buy-rated Marvell Technology to the firm’s top pick in specialty semiconductors. The analyst likes the stock setup in 2024 on continued artificial intelligence optics growth, layering of custom ASIC AI project sales, and the bottoming out of non-cloud markets like enterprise networking and carrier. Citi took Buy-rated Nvidia (NVDA) down to number two following the 20% stock run into CES and expiration of its “positive catalyst watch.” Sell-rated Qorvo (QRVO) and Skyworks (SWKS) remain the firm’s least preferred picks on increased radio frequency android competition and China substitution risk.
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