BofA Raises Marvell Technology (MRVL) Price Target to $365 from $240

Marvell Technology, Inc. (NASDAQ:MRVL) is one of the 10 Best AI Chip Stocks to Buy for the Long Term. The stock skyrocketed 271.01% in the past year and jumped 212.16% year-to-date. On June 23, TheFly reported that BofA increased its price target on Marvell to $365 from $240 while maintaining a Buy rating on the shares as part of the updating of its semiconductor industry models.

Photo from Marvell website

The analyst increased its semiconductor industry addressable market forecast to $2.7 trillion from $2.3 trillion, driven by the growth in the memory and data center markets as well as recovery in the automotive and industrial markets.

Earlier on June 18, KeyBanc analyst John Vinh boosted the price target on Marvell to $385 from $260 while maintaining an Overweight rating on the stock, according to a report by TheFly. The analyst made the upward price target adjustment following recent investor meetings with Marvell, which left it more constructive on the data center networking opportunity. In particular, it highlighted Scale Up, where silicon photonics and the acquisition of Celestial AI will help the company differentiate.

KeyBanc noted that given arch shifts in data centers, networking should increasingly be a focus for investors, as it views it as more durable vs. custom XPUs, where the sustainability appears less clear long-term.

Earlier this month, Marvell launched the Teralynx T100, the industry’s first 102.4 Tbps switch silicon purpose-built for the AI era. The company noted that the Teralynx T100 enables the lowest power consumption and lowest latency at this bandwidth tier to address critical bottlenecks in today’s large AI clusters, delivering up to 25% lower power than competitive solutions.

Marvell Technology, Inc. (NASDAQ:MRVL) offers semiconductor solutions for AI, cloud, carrier, and enterprise infrastructure.

READ NEXT: 10 Best AI Stocks to Buy in June and 10 Best Cybersecurity Stocks to Buy According to Short Sellers.

Disclosure: None. Follow Insider Monkey on Google News.