Citi top pick Marvell gets PT boost; MRVL +3.5%

|About: Marvell Technology Group Ltd. (MRVL)|By:, SA News Editor

Citi strengthens its bull stance on Marvell (NASDAQ:MRVL) by raising the target from $22 to $28 on increasing confidence in the 5G positioning, strengthening storage fundamentals, and growing M&A appeal.

MRVL remains a Citi top pick in specialty semis with analyst Atif Malik saying, "We view MRVL as the best way of playing the second wave of 5G cycle spend."

Marvell shares are up 3.5% to $24.86 on a strong day for semis after the Apple-Qualcomm legal truce and Intel's 5G phone modem exit.

Subscribe for full text news in your inbox