Are you looking to make smart investment decisions in the tech industry? While Nvidia may be a popular choice, there’s another chipmaker that shouldn’t be overlooked – Marvell Technology. At Extreme Investor Network, we always strive to provide our readers with valuable insights and unique perspectives on investing opportunities.
According to JPMorgan analyst Harlan Sur, Marvell Technology is a stock worth keeping an eye on. Sur reiterated his overweight rating on Marvell shares ahead of the company’s earnings announcement, setting a $90 price target that suggests a 30.7% upside potential from current levels. The company’s second-quarter results and forward guidance are expected to align with consensus forecasts, with revenue growth projected at 12% quarter over quarter driven by data center expansion.
One of Marvell’s key strengths lies in its high-profile artificial intelligence application-specific integrated circuit (ASIC) programs, which are poised to fuel revenue growth. With a focus on AI ASIC, optical, cloud, and storage segments, Marvell is well-positioned to drive solid growth in the long term. Despite challenges in its cyclical businesses, Marvell continues to execute on its long-term growth initiatives and is expected to outperform the industry with above-average growth.
While Marvell shares have only gained 15.5% in 2024, lagging behind benchmarks like the S&P 500 and the VanEck Semiconductor ETF, the company’s growth potential remains promising. By staying informed and diversifying your investment portfolio, you can capitalize on opportunities in the tech sector and maximize your returns.
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