Marvell, Nvidia, Micron reiterated buy at Citi as November chip sales 'well above' seasonal trends
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Marvell Technology (NASDAQ:MRVL), Nvidia (NASDAQ:NVDA) and Micron Technologies (NASDAQ:MU) are likely to continue to see investor interest, as Citigroup notes that November chip sales were "well above" seasonal trends, and lead times continue to get longer.

Citing data from the Semiconductor Industry Association, analyst Christopher Danely notes that November monthly sales were $51.7 billion, up 10.7% month-over-month, compared to an average decline of 0.7% and estimates of $48.1 billion, as a result of higher units and pricing.
In addition to the aforementioned semiconductor stocks that have buy ratings at Citigroup, On Semiconductor (NASDAQ:ON), Analog Devices (NASDAQ:ADI), Texas Instruments (NASDAQ:TXN), GlobalFoundries (NASDAQ:GFS) and Lam Research (NASDAQ:LRCX) also have buy ratings.
Danely notes that units were up 2.3% month-over-month and pricing was up 8.4% in the same time frame, compared to a decline of 1% for units and a 0.4% rise in pricing during the same time frame.
"We remain positive on the group and continue to follow Rule #7: 'Buy stocks when lead times go out,'" Danely wrote in the investor note.
"We believe pricing will continue to drive upside due to the extended lead times," Danely added. "We do not expect semis to sell off until lead times decline, which could be in [second half of 2022]."
Micron (MU), Marvell (MRVL) and Nvidia (NVDA) were among the top semiconductor "longs" in a recent Bank of America survey.