Marvell Technology Stock Gets a Higher Price Target on AI Chip Opportunity -- Barrons.com

Dow Jones12-20 01:00

By Tae Kim

Marvell Technology will become one of the big winners from the rising demand for artificial-intelligence semiconductors, according to Raymond James.

On Thursday, analyst Srini Pajjuri raised his Marvell price target to $130 from $120 and reaffirmed his Outperform rating on the stock.

In early Thursday trading, Marvell stock was up 2.8% to $108.17.

Marvell sells a portfolio of chips and hardware products for the data center, 5G infrastructure, networking, and storage markets. It also helps large technology companies design their own AI semiconductors.

Marvell's "custom silicon opportunity [is] compelling," Pajjuri wrote. The company is "emerging as a leading supplier of custom silicon as GenAI [generative AI] drives demand for specialized hardware."

The analyst says Marvell can grow its revenue by 25% per year for the next three to four years. He notes the company has strong expertise in solving networking bottlenecks for large AI systems.

Marvell's shares have risen by 81% this year, compared with a 11% rally for the iShares Semiconductor exchange-traded fund.

Write to Tae Kim at tae.kim@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

December 19, 2024 12:00 ET (17:00 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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