Marvell Technology (MRVL) keeps winning over the **** ysts. GF Securities reiterated its favorable view on the stock, naming it a top pick within its positive outlook on custom AI chips. **** yst Henry Huang said much of the growth he sees comes from Alphabet's (GOOG) (GOOGL) Google. He expects three of Marvell's chip lines tied to Google to bring in around $3 billion each by 2028. Huang also sees Marvell playing a growing role in Amazon.com's (AMZN) Trainium chips, worth roughly $1 billion this year and $2 billion next year. GF was not alone. Wells Fargo, Morgan Stanley, Susquehanna, and Rosenblatt Securities all raised their Marvell price targets within a day of each other.
None of this comes out of nowhere. Just a few days back, Marvell signed a custom chip deal with Google that let the search giant take a potential $12 billion equity stake in the company. Huang expects that partnership to improve Marvell's odds of winning even more of Google's future chip work.
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