- Citi analyst Atif Malik raised the price target on Marvell Technology Inc MRVL from $87 to $97 and reiterated a Buy.
- The price target implies a 15.4% 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.
- Price Action: MRVL shares closed higher by 0.17% at $84.17 on Monday.
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