Benchmark Is Bullish On Marvell Citing Its Lead In Infra Tech

Benchmark analyst Cody Acree assumed coverage of Marvell Technology, Inc (NASDAQ:MRVL) with a Buy rating and a $70 price target (35% upside).
Marvell has been a transition story over the past several years under the guidance of an essentially new management team.
According to Acree, Marvell’s primary focus is becoming a leader in “attractive” infrastructure end markets, which now account for 88% of total revenue.
He believes increased exposure to high-value growth markets within the infrastructure segments should lead to multiple expansions.
MRVL’s leading-edge solutions were the essential building blocks of infrastructure technology.
With the industry’s most advanced infrastructure offerings, he saw Marvell set to be a significant beneficiary of the industry’s overarching theme of hyper-scaling.
Meanwhile, the wireless infrastructure revolution continues its rapid rise toward 5G, and Marvell offers speed and security to networks without compromise.
There are four significant sub-markets that Marvell serves within the cloud, and each has a cloud strategy, he added.
Price Action: MRVL shares traded lower by 5.22% at $51.72 on the last check Friday.