Marvell Technology (MRVL) Eyes $94B AI Market, TD Cowen Reaffirms Price Target

Marvell Technology, Inc. (NASDAQ:MRVL) ranks among the 20 best fast growth stocks to invest in. In the wake of Marvell Technology, Inc. (NASDAQ:MRVL)’s virtual event for Custom AI Silicon, TD Cowen upheld its Buy rating and $70 price target on the company’s shares on June 18. In addition to showcasing its portfolio of intellectual property, Marvell Technology, Inc. (NASDAQ:MRVL) described the $94 billion market opportunity it believes exists in the datacenter area during the presentation.

Though it remains upbeat about Marvell’s possibilities, TD Cowen noted some reservations about the competitive dynamics in the custom XPU (accelerated processing unit) market.

The firm believes Marvell’s current stock price indicates “limited success” in the AI sector, though it might rise if the company’s strategy is successfully implemented.

According to TD Cowen, despite industry challenges from competition, “the rising tide” in AI technology adoption would help a number of industry firms, including Marvell Technology, Inc. (NASDAQ:MRVL).

Marvell Technology, Inc. (NASDAQ:MRVL) is a semiconductor development and manufacturing company with a major focus on data centers.

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