Marvell named top pick for 2022 at Needham, boosts PT to $115
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Marvell Technologies (NASDAQ:MRVL) has been named the top pick for 2022 at Needham Securities, as the investment firm notes the semiconductor company is likely to grow revenue by more than 30% in 2022 and more than 20% in 2023, justifying its $115 price target.

Analyst Quinn Bolton boosted his price target, up from $100, noting that semiconductor growth rates should come down in 2022, but Marvell (MRVL) is likely to outshine its peers, aided by design wins for its 5 nanometer platform, market share gains and increased supply from its major wafer foundry, substrate and assembly and test partners.
"As investors rally behind the fastest growing companies, we believe [Marvell's] (MRVL) valuation multiple should expand," Bolton wrote in a note to clients. "Accordingly, we are raising our PT to $115, based on 40x our CY23 NG EPS estimate, and adding the name to Needham's Conviction List, (removing MaxLinear)."
Marvell (MRVL) shares are down nearly 2% on Tuesday to $87.83, but have gained nearly 90% over the past year.
Bolton added that Marvell (MRVL) is focused on "cloud-optimized silicon for various infrastructure markets," such as cloud, 5G and autos.
"With Marvell's growth driven by new products and market gains and with the vast majority of the company's revenue sole-sourced from the infrastructure markets, we believe Marvell's revenue should be better insulated than its peers from any period of semiconductor or cloud inventory digestion over the next couple of years," Bolton explained.
"Coupled with its expected high growth across diverse segments, we believe investors will naturally gravitate to MRVL as it will stand out."
Marvell (MRVL) was named one of the top two semiconductor picks at Goldman Sachs for 2022, along with Advanced Micro Devices (NASDAQ:AMD).