Benzinga | Dec 21, 2021 06:45AM EST

Read Why Citi Is Bullish On Marvell

* Citi analyst Atif Malik raised the price target on Marvell Technology Inc (NASDAQ:MRVL) from $87 to $97 and reiterated a Buy.

* The price target implies a 15.4% upside on Marvell's December 17 closing price of $84.03.

* The re-rating reflects his expectation for continued multiple expansion for cloud data center stocks like Marvell in 2022.

* The new multiple he applies to his CY23 earnings estimate for Marvell uses an updated combination of peer 5G and cloud multiples.

* Marvell is a fabless chipmaker focused on networking and storage applications.

* Marvell serves the data center, carrier, enterprise, automotive, and consumer end-markets with processors, optical interconnections, application-specific integrated circuits (ASICs), and merchant silicon for Ethernet applications.

* Price Action: MRVL shares closed higher by 0.17% at $84.17 on Monday.