Read Why Needham Chose Marvell as Top Semiconductor Pick

January 6, 2022Updated: January 6, 2022

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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