Needham analyst N. Quinn Bolton raised the price target on Marvell Technology Inc. to $115 from $110 and reiterated a Buy. The price target implies a 30.9 percent upside.
Marvell is Needham’s top pick for 2022 within semiconductors.
Bolton estimates Marvell will organically grow revenue by more than 30 percent in CY22 and by ~20 percent in CY23, the fastest growth amongst its large-cap peers.
New design wins for its 5-nm platform, market share gains, and increasing supply from its major wafer foundry, substrate, and assembly and test partners will likely drive the growth, Bolton contended.
Marvell Technology is a fabless chipmaker focused on networking and storage applications.
By Anusuya Lahiri
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