Benchmark Upgrades Marvell to Buy

Benchmark analyst Cody Acree upgraded Marvell Technology (NASDAQ: MRVL) from Hold to Buy with a price target of $130.00.

“In sharp contrast to the pessimistic investor reception Nvidia saw from its strong beat and raise earnings report last week, Marvell’s after-hours strength, up about 15% at one point, was more aligned with the positive reaction Broadcom enjoyed a day earlier, as both companies emphasized broadly accelerating demand trends, improving extended visibility and each provided guidance for significantly above consensus revenue and earnings this year and next year.

Similarly, both companies also stressed that they have secured sufficient capacity of the industry’s most limited resources to well exceed their elevated expectations in the out years.”

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