Citigroup Shifts Top Specialty Chip Stock Pick from Nvidia. Discover the New Favorite.

 

Marvell Technology (MRVL) Stock Rises as Citi Analyst Picks it as No. 1 Specialty Semiconductor

On Friday, Marvell Technology's stock showed a 2.64% increase, propelled by a Citi analyst who designated the chip maker as their leading choice among specialty semiconductor stocks.

Citi analyst Atif Malik, in a research note issued on Friday, declared Marvell as their favored specialty chip stock, positioning Nvidia (NVDA) as the second choice. Malik upheld Buy ratings for both Marvell and Nvidia, setting targets of $75 and $575 for their respective stock prices.

Malik shared his positive outlook for Marvell in 2024, citing continued growth in AI optics, custom ASIC AI project sales, and the stabilization of non-cloud markets such as enterprise networking and carrier services.

Despite Marvell's fiscal third-quarter earnings and revenue showing a decline from the previous year, Malik's confidence in the company remains strong. Marvell's stock rose by 1.8% to $69 on Friday, while Nvidia's shares saw a 2.8% increase, reaching $587.09. Marvell CEO Matt Murphy expressed optimism about the company's diversified portfolio, especially in AI and cloud sectors.

Analysts, including Oppenheimer's Rick Schafer, have expressed upbeat sentiments about Marvell's prospects, particularly in data-center AI. Schafer rates the stock as Outperform with a $70 price target.

While Marvell takes the top spot for Citi, Nvidia secures the No. 2 specialty chip stock position. Nvidia has already seen a gain of more than 15% in 2024.

Raymond James analyst Srini Pajjuri reiterated a Strong Buy rating for Nvidia, raising the price target to $700 from $600. Pajjuri anticipates robust growth for Nvidia, driven by upcoming products, including the H200 and B100, set to launch later this year.

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