UPDATE: Marvell (MRVL) PT Raised to $85 at Credit Suisse, Top Pick in Semis

Credit Suisse analyst John Pitzer raised the price target on Marvell (NASDAQ: MRVL) to $85.00 (from $70.00) while maintaining a Outperform rating.

The analyst comments "Inclusive of 5 acquisitions (CAVM, IPHI, Innovium, Aquantia, Avera) and organic repositioning in Storage and Auto – MRVL has successfully repositioned the company to address the fastest growing Semi markets in Cloud, DataCenter and Auto. Core IP in SerDes, Co-packaged Optics, Arm core, PAM4, Multi-gig Ethernet, Security, 5G, SmartNIC, and Accelerators is well suited as Hyperscalers continue to migrate from general purpose to more optimized silicon. In addition, the growing importance of silicon across the economy will likely drive other non-traditional customers as evidenced by Compute Auto OEM semi wins. Since CY17, MRVL has increased its TAM from $8 bn to $20 bn and now sits as a key enabler to core tenants of the Data Economy. While we expect share gains, we would highlight our Accelearting Compute Thesis – it’s not a zero sum - as well as opportunities to monetize IP thru “coopetion” especially as chipsets proliferate. Lastly, we see MRVL as a cyclical hedge as semi growth normalizes in mid-CY22 especially as supply constraints limit MRVL upside. There are multiple avenues to success."

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