Citi analyst Atif Malik raised the price target on Marvell Technology Inc. from $87 to $97 and reiterated a Buy.
The price target implies a 15.4 percent upside on Marvell’s December 17 closing price of $84.03.
The re-rating reflects his expectation for continued multiple expansion for cloud data center stocks like Marvell in 2022.
The new multiple he applies to his CY23 earnings estimate for Marvell uses an updated combination of peer 5G and cloud multiples.
Marvell is a fabless chipmaker focused on networking and storage applications.
Marvell serves the data center, carrier, enterprise, automotive, and consumer end-markets with processors, optical interconnections, application-specific integrated circuits (ASICs), and merchant silicon for Ethernet applications.
