KeyBanc analyst John Vinh raised Marvell Technology's ($Marvell Technology(MRVL)$ ) price target to $385 from $260, while keeping an Overweight rating.
The main driver behind the upgrade is the view that the market is underappreciating Marvell's data center networking opportunity. KeyBanc notes that investors are overly focused on custom AI processors, while underestimating Marvell's significant and durable moat in networking.
The firm projects a massive $30 billion total addressable market for scale-up networking by 2030, driven largely by silicon photonics and the strategic integration of their Celestial AI acquisition.
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