BofA analyst Vivek Arya raised the firm’s price target on Marvell to $68 from $65 and keeps a Buy rating on the shares. The firm, which expects some intra-sector rotation after a 60% year-to-date run in the SOX, also expects continued secular growth tailwinds in Generative AI, chip complexity, auto content, fab reshoring, and CHIPS Act benefits. BofA raised its semiconductors industry estimates, staying “selectively positive” in its “thematic 3C’s” of Cloud, Cars, and Complexity, while adding that it remains “lukewarm” on smartphones, telco and the enterprise.
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Read More on MRVL:
- U.S. sees making multibillion chips awards in next year, Reuters reports
- Marvell call volume above normal and directionally bullish
- Tencent, small chip makers chase Nvidia AI chip crown, Reuters says
- Marvell Technology, Inc. Declares Quarterly Dividend Payment
- QQQ ETF Update, 12/8/2023
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