Raymond James Lists Marvell's Sources Of Growth, Profitability Leading To Upgrade - Marvell Tech (NASDAQ:MRVL)

Two analysts re-rated Marvell Technology Inc MRVL today.
Raymond James analyst Chris Caso upgraded Marvell from Market Perform to Outperform with an $80 price target.
The price target implied an upside of 35.5%.
As cyclical and macro factors drive concerns on the broader group, Caso took a fresh look at MRVL to identify the sources of growth and the probability of that growth amid market uncertainty.
Caso saw 75% of the incremental revenue necessary to achieve consensus FY24 estimates would likely come from semi-custom cloud ASICs and Innovium switches or 5G base station chips, the 400G optical networking transition, and automotive ethernet.
Barclays analyst Blayne Curtis maintained Marvell with an Overweight and lowered the price target from $90 to $80.
Price Action: MRVL shares traded higher by 2.09% at $59.66 on the last check Monday.