Wells Fargo Raises Marvell's Price Target to $310, Assigns Overweight Rating

Wells Fargo has assigned an "Overweight" rating to Marvell Technology (MRVL.O) and raised its price target from $240 to $310, indicating nearly a 31% upside from last Friday's closing price. Wells Fargo analyst Aaron Raks has stated that Marvell is performing strongly and expects its stock price to continue rising after the company releases its latest quarterly earnings report. He believes that Marvell is a chip company with an independent growth logic, and its performance may exceed the overall growth rate of the chip industry, regardless of whether the industry is in a good or bad cycle.

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