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    Home » Marvell target raised at Citi after CES presentation By Investing.com
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    Marvell target raised at Citi after CES presentation By Investing.com

    userBy userJanuary 10, 2025No Comments1 Min Read
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    Investing.com — Marvell Technology Inc’s (NASDAQ:) price target got bumped by $24 to $136 from Citi following the company’s CES presentation. Brokerage cited sustained AI sales growth and an expanding custom ASIC market for Marvell.

    Marvell, which is a fabless semiconductor provider, projects AI revenue to grow into 2025 and 2026, with expectations of reaching $8 billion by 2028. Key contributors include increased production by Microsoft (NASDAQ:) (Customer C) in late 2026 and continued growth from AWS.

    Citi also highlighted Marvell’s $43 billion custom ASIC total addressable market estimate as conservative. Analysts expect an update in mid-2024, supported by higher cloud spending, rising attach rates, and new customer engagements.

    Valuation now reflects 2026 earnings on a 35 times P/E basis. Citi reiterated its “buy” rating, emphasizing Marvell’s strong positioning in AI and cloud markets.





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