NVDA - Marvell Technology Stock Has 20% Upside According to 1 Wall Street Analyst
2024-03-05 05:10:00 ET
Marvell Technology (NASDAQ: MRVL) is performing marvelously for shareholders. Buoyed by investor enthusiasm over artificial intelligence (AI) stocks, and in particular hopes to duplicate Nvidia 's (NASDAQ: NVDA) performance as a chipmaker for the AI industry , shares of semiconductor stock Marvell soared 80% over the last 12 months, outperforming the broader S&P 500 by nearly 54 percentage points.
But can such outperformance last?
Investment bank B. Riley Financial made the case on Monday that it can last. Analysts at B. Riley predicted that Marvell will at minimum meet analyst projections for Q4 sales in its earnings report Thursday and they expect to hear "upbeat" comments on Marvell's AI prospects. Because of this, the analysts raised B. Riley's price target to $95 per share.
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Marvell Technology Stock Has 20% Upside, According to 1 Wall Street Analyst