[ad_1]
If recent history is any guide, snatching up shares of Marvell Technology ahead of its upcoming artificial intelligence presentation could potentially pay off for investors, according to Citi. Given this setup, analyst Atif Malik opened a positive catalyst watch on the semiconductor stock ahead of its April 11 event, with its $91 price target implying 33% upside from Tuesday’s close. Shares rose about 5% before the bell. MRVL YTD mountain Marvell shares in 2024 Nvidia, Broadcom and AMD “moved up into their respective AI days and the setup appears similar for MRVL after the recent pullback,” he wrote. At the event, Malik expects Marvell to discuss a $40 billion total addressable market within custom application-specific integrated circuits, along with Arm’s central processing units and Amazon Web Services’ Trainium2 AI chips harnessing this technology. While Marvell shares have underperformed in recent weeks following a weak current-quarter guide, Malik noted that shares trade at an 18% valuation discount to many AI peers. The stock is down about 5% in March but up more than 13% on the year. He added that conversations at the Optical Fiber Communication Conference and Exhibition this week in California suggest stability in optical digital signal processors used in transmission systems and connectivity solutions.
[ad_2]
Source link