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Analysts told investors that a new phase of growth is getting underway for the company.
“We return to MRVL to positively update our investment thesis for an expected wave of AI-led growth,” analysts wrote.
“Our recent tally of super-seven hyper-scale capex shows a first in three-quarter CY24E spending rise, and while enterprise-related inventory headwinds linger, we believe they are moderating,” they added.
B Riley believes the backdrop is improving for MRVL, with a “new and powerful phase of growth” seeming to be at hand.
“We believe the coming AI and Cloud-led wave sets up potent multi-year financial gains and strong 12-month share outperformance ahead.,” said analysts.
Ahead of the company’s August 24 earnings release, B Riley expects at least an in-line F2Q24 print and at-consensus guide.
