Stifel Raises Marvell (MRVL) Price Target, Keeps Buy Rating

Marvell Technology, Inc. (NASDAQ:MRVL) is one of the 11 Best American Semiconductor Stocks to Invest In. On October 1, Stifel increased its price target on Marvell Technology, Inc. (NASDAQ:MRVL) from $80 to $95 while keeping a Buy rating.

Stifel highlighted that the company’s optical business has grown significantly since it acquired Inphi in 2021. Since the acquisition, Marvell Technology, Inc.’s (NASDAQ:MRVL) optical business has grown from about $800 million in annual revenue to a current run-rate of around $3 billion.

The research firm also pointed out that Marvell Technology, Inc.’s (NASDAQ:MRVL) acquisition of Innovium, which was announced in 2021, has been a success. This part of the business is now generating twice the initially expected $150 million in revenue. It is expected to grow further as 51.2T technology ramps up.

Marvell Technology, Inc.’s (NASDAQ:MRVL) custom silicon business is seeing solid engagement with design activity reaching all-time highs. There are over 50 new pipeline opportunities with various customers. Stifel estimates these represent about $75 billion in lifetime revenue potential.

Marvell Technology, Inc. (NASDAQ:MRVL) is an American company that develops and produces semiconductors and related technology for various applications, including AI, data centers, compute, networking, and storage infrastructure.

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Disclosure: None. This article is originally published at Insider Monkey.