Marvell's AI Approach Wins Over 6 Analysts, 1 Projects AI Data Center Revenue Over $800M In 2024
Portfolio Pulse from Chris Katje
Marvell Technology (NASDAQ:MRVL) received positive analyst ratings post Q3 financial results, with a strong focus on its AI capabilities in data centers. Six analysts maintained or adjusted their ratings, with price targets ranging from $60 to $75. The consensus is that Marvell's AI data center revenue could exceed $800M in 2024. Despite some segments underperforming, the AI and data center segments are expected to drive growth, with the company well-positioned to benefit from the tech sector's rapid AI adoption. Marvell shares are down 5% but have risen 55% YTD in 2023.
December 01, 2023 | 4:59 pm
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Marvell Technology's focus on AI in data centers is well-received by analysts, with potential revenue over $800M in 2024. Despite a 5% drop in share price post-Q3 results, the company's year-to-date performance remains strong.
Analysts' positive outlook on Marvell's AI data center segment, with high revenue projections, suggests strong growth potential. The short-term price drop may be seen as a buying opportunity, reflecting a positive sentiment for future performance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100