Wells Fargo upgraded Marvell Technology (MRVL.O) to Overweight and raised its price target from $240 to $310. The bank said the chipmaker has had a strong year and still has room to rise as it prepares to report its latest quarterly results. Analyst Aaron Rakers said Marvell looks more like a chip company with its own growth drivers, and it may outpace the broader industry whether the sector is in a good cycle or a bad one. Based on Wells Fargo’s new target, Marvell still has nearly 31% upside from Friday’s close.
Wells Fargo lifts Marvell to Overweight
Wells Fargo said Marvell Technology (MRVL.O) has had a strong year and still has room to climb as the company prepares to report its latest quarterly results. The bank upgraded the chipmaker to Overweight and raised its price target from $240 to $310.
Based on Wells Fargo’s new target, Marvell still has nearly 31% upside from Friday’s close.
In a note to clients, analyst Aaron Rakers said: "We think Marvell is more like a chip company with its own growth logic, and it can likely grow faster than the broader industry whether the overall chip sector is in a good cycle or a bad one." (Jin10)
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