Morgan Stanley lifts Marvell PT ahead of investor day
MRVL•Morgan Stanley raises price target before investor day
Marvell Technology's MRVL.O shares rise 2.9% to $251.20 premarket.
Ahead of the chip firm's investor day on October 6, Morgan Stanley raises its price target to $268 from $246, implying a 9.7% upside to MRVL's last close.
The brokerage expects the company to frame FY2030 revenue at $40 billion-plus, with Google GOOGL.O custom silicon and scale-up as the biggest sources of upside.
"Our base case assumes Google ultimately utilizes roughly 70% of the $120 bln of cumulative revenue through FY33" - Morgan Stanley
The average rating of 44 analysts is "buy;" their median price target is $280, according to data compiled by LSEG.
Up to last close, the stock has nearly tripled year-to-date.
