Benzinga | Jan 4, 2022 12:51PM EST

Read Why Needham Chose Marvell As Top Semiconductor Pick

* Needham analyst N. Quinn Bolton raised the price target on Marvell Technology Inc (NASDAQ:MRVL) to $115 from $110 and reiterated a Buy. The price target implies a 30.9% upside.

* Marvell is Needham's top pick for 2022 within semiconductors.

* Related Content: Read Why Nvidia, AMD, Taiwan Semiconductor And Other Chip Stocks Gained Steam

* Bolton estimates Marvell will organically grow revenue by more than 30% in CY22 and by ~20% in CY23, the fastest growth amongst its large-cap peers.

* New design wins for its 5-nm platform, market share gains, and increasing supply from its major wafer foundry, substrate, and assembly and test partners will likely drive the growth, Bolton contended.

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

* Price Action: MRVL shares traded lower by 1.75% at $87.87 on the last check Tuesday.