5 Stocks That Will Double In 2023

3. Marvell Technology Inc (NASDAQ:MRVL)

Number of Hedge Fund Holders: 63

Marvell Technology Inc. (NASDAQ:MRVL) is a leading provider of semiconductors for use in a variety of end markets including enterprise, cloud, automotive, industrial, and consumer. The company has a strong product portfolio and a history of innovation. Marvell Technology Inc. (NASDAQ:MRVL) has a strong position in the enterprise and cloud markets and is also seeing increasing adoption of its products in the automotive and industrial markets. The company’s products are well-positioned to benefit from the continued growth of data centers and cloud computing, the expansion of 5G networks, and the increasing demand for connected devices. Investors in Marvell can expect to benefit from the company’s strong market position, diversified product portfolio, and history of innovation. The stock is ranked high among the stocks that will double by 2023.

This October, Citi analyst Atif Malik updated his price target on Marvell Technology Inc. (NASDAQ:MRVL) to $71 from $74 and maintained a Buy rating on the shares. On October 11, Needham analyst N. Quinn Bolton revised his price target on Marvell Technology Inc. (NASDAQ:MRVL) to $64 from $66 and reiterated a Buy rating on the shares.

At the close of Q2 2022, 63 hedge funds were long Marvell Technology Inc. (NASDAQ:MRVL) and held stakes worth $1.59 billion in the company. As of September 30, Fisher Asset Management is the largest investor in Marvell Technology Inc (NASDAQ:MRVL) and has a position worth $495.9 million in the company.

Here is what Carillon Tower Advisers had to say about Marvell Technology, Inc. (NASDAQ:MRVL) in its second-quarter 2022 investor letter:

“Marvell Technology, Inc. (NASDAQ:MRVL) provides infrastructure semiconductor solutions. Investors have recently become concerned about the semiconductor cycle and how demand for Marvell’s products will fare in a slowing economic environment. We remain confident that the company’s portfolio of products is extremely important in parts of the datacenter server market, which remains healthy and possesses long-term secular trends. The company also has secured strong contract wins in upcoming global 5G wireless infrastructure build-outs, which are generally insulated from macroeconomic pressures. With supply chain issues easing, we believe Marvell remains in a strong position to post continued robust growth.”