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We recently published a list of 10 AI Stocks on Wall Street’s Radar. In this article, we are going to take a look at where Marvell Technology, Inc. (NASDAQ:MRVL) stands against other AI stocks on Wall Street’s radar.
On May 28, Stifel analyst Tore Svanberg reiterated a Buy rating on Marvell Technology, Inc. (NASDAQ:MRVL) with an $80.00 price target. Marvell engages in the development and production of semiconductors, focusing heavily on data centers.
Given Stifel’s July quarter revenue guidance of around $1.97 billion, analysts expect Marvell to offer similar guidance. They believe an upward revision may also be possible, driven by potential increases in data center and artificial intelligence (DC/AI) revenue forecasts. Hyperscalers have also been passing out positive comments, supporting the optimistic outlook.
Analysts at Stifel believe that Marvell is poised to benefit from the rapid expansion of data infrastructure. This factor, they believe, will drive long-term growth for the company.
An assembly line in a semiconductor factory, with workers at their stations.
In other news, Redburn Atlantic initiated coverage on Marvell Technology with a “Neutral” rating and a price target of $67.00.
The firm mentioned how Marvell and Broadcom are similar in terms of their ASICs exposure and networking capabilities, but also mentioned concerns regarding Marvell’s potential involvement in future Amazon Web Services (AWS) Trainium chips.
Overall, MRVL ranks 7th on our list of AI stocks on Wall Street’s radar. While we acknowledge the potential of MRVL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MRVL and that has 100x upside potential, check out our report about this cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.