Wells Fargo said Marvell Technology (MRVL.O) has had a strong year and still has room to rise as the company prepares to report its latest quarterly results. The firm kept an Overweight rating on the chipmaker and raised its price target from $240 to $310, which it said implies nearly 31% upside from Friday’s close. Wells Fargo also said Marvell looks more like a chip company with its own growth logic, rather than one that simply moves with the broader chip cycle.
On Aug. 24, Wells Fargo said Marvell Technology (MRVL.O) has had a strong year and still has room to climb as the company prepares to release its latest quarterly results.
The bank kept its Overweight rating on the chipmaker and raised its price target from $240 to $310. That target implies nearly 31% upside from Friday’s closing price, according to Wells Fargo.
"We think Marvell looks more like a chip company with its own growth logic, and its performance could outpace the broader industry growth rate whether the chip sector is in a good cycle or a bad one," Wells Fargo said.
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