Marvell Technology Raises Long-Term Targets - Marvell Tech (NASDAQ:MRVL)

Marvell Technology Inc MRVL held its investor day meeting on October 6.
The fabless chipmaker raised its long-term sales growth target to 15% - 20% from the prior estimate of 10% - 15%.
Marvell sees a long-term operating margin of 38% - 40%.
Marvell targets a return of over 50% of free cash flow to shareholders.
CNBC Mad Money: In an interview on CNBC's Mad Money, Matt Murphy acknowledged Marvell's tremendous investments in organic products. "We're one of the most exciting companies right now in the semiconductor industry," he added.
Marvell already sees benefits of the Inphi acquisition, Murphy noted. "We now address the sweet spot of the semiconductor industry. We're the company behind the scenes that make things happen," he said.
The data center and automotive industries will be growth drivers going forward, according to Murphy.
Analyst Rating: Keybanc analyst John Vinh maintained an Overweight and raised the price target from $70 to $80, implying a 25.5% upside.
Price Action: MRVL shares closed higher by 7.34% at $63.75 on Wednesday.