As previously reported, BofA upgraded Marvell (MRVL) to Buy from Neutral with a price target of $110, up from $90. The company’s earnings call gives the firm greater confidence in the company’s solid leverage to AI optical connectivity, the potential for success in the upcoming Microsoft (MSFT) custom chip program, and “turning the corner” on an Amazon (AMZN) XPU transition year, the analyst tells investors. Following the report and call, the firm is raising its FY27 and FY28 sales forecasts by 8% and 12% and its pro-forma EPS estimates by 15% and 12%, respectively.
Claim 55% Off TipRanks
Trade AMZN with leveragePublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MRVL:
- Marvell upgraded to Buy from Neutral at BofA
- Marvell price target raised to $118 from $113 at Citi
- Marvell upgraded to Outperform from Neutral at KGI Securities
- Balanced Risk-Reward Keeps Marvell at Hold as Optics-Led Growth Is Largely Priced In
- MRVL Earnings: Marvell Stock Jumps 10% on Strong Earnings Fueled by AI Demand