Benchmark analyst Cody Acree upgraded Marvell (MRVL) to Buy from Hold with a $130 price target. While the firm maintains its view that Marvell is currently sharing Amazon’s (AMZN) next-generation Trainium 3 design work with Alchip, it now believes it “ultimately doesn’t matter in the overall grand scheme of the company’s multiple layering growth drivers.” Marvell’s after-hours strength was more aligned with the positive reaction Broadcom (AVGO) enjoyed a day earlier and came “in sharp contrast to the pessimistic investor reception” Nvidia (NVDA) saw from its strong beat and raise earnings report last week, the analyst also noted.
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Read More on MRVL:
- Marvell upgraded to Buy at BofA on expected re-acceleration
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