BofA Securities reiterated its Buy rating on Marvell Technology (MRVL). The firm raised its price target to $365 from $240, a more than 50% increase. This new target represents an 18% upside from the previous closing price.
BofA increased its 2030 semiconductor total addressable market forecast to $2.7 trillion from $2.3 trillion. Memory and data center markets are expected to lead this industry growth. The firm also projects a recovery in the automotive and industrial sectors.