Crypto
Piper Sandler Goes All-In on Marvell Technology
Piper Sandler's analyst David O'Connor has initiated coverage of Marvell Technology (MRVL) with a Buy rating and a price target of $270. MRVL stock has rallied 167% year-to-date.
O'Connor cited Marvell's data center opportunity and the company's deal with Google as key positives. The $120 billion agreement could generate around $18 billion in annual revenue once fully ramped, according to O'Connor.
Marvell holds a dominant position in digital signal processors and custom connectivity solutions, and its hyperscaler relationships are expected to drive growth in custom AI chips and co-packaged optics. The company's Celestial AI acquisition is also seen as a key driver for growth.