Marvell (MRVL) PT Raised to $61 at Citi; Opens a Positive Catalyst Watch

(Updated - May 26, 2023 6:32 AM EDT)

Citi analyst Atif Malik raised the price target on Marvell (NASDAQ: MRVL) to $61.00 (from $58.00) while maintaining a Buy rating.

"We open a positive catalyst watch on MRVL going into Citi’s Silicon Valley Field Trip on June 5th where we are hosting meetings with MRVL, NVDA, and AMAT. We expect MRVL to talk about an acceleration in AI portion of the data center biz in 2H of the year (we model 20%+ qq growth in Oct/Jan-Qs) driven by PAM4 DSPs for 800G and recent uptick in orders for a cloud optimized silicon customer for next year. We like MRVL separating AI vs non-AI (includes storage) DC sales on the Apr-Q earnings call to help investors better see the growth of the AI piece. Moreover, management tempering 5G wireless and enterprise networking growth expectations for next year is prudent in the current macro environment. We adjust our FY23/24/25 EPS +9%/+5%/+5% and lift TP to $61 on consistent 26x P/E times CY24 EPS. Maintain Buy."

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