Wells Fargo gives Marvell an "Overweight" rating and raises its target price from $240 to $310

Odaily News: Wells Fargo stated that Marvell Technology (MRVL.O) has performed strongly this year, and its stock price is still expected to continue rising as the company prepares to release its latest quarterly earnings report. The investment bank gave the chipmaker an "Overweight" rating and raised its target price from $240 to $310, implying nearly 31% upside from last Friday's closing price. "We believe Marvell is more like a chip company with an independent growth logic, and its performance is likely to outpace the industry's overall growth rate regardless of whether the broader chip industry is in a good or bad cycle," Wells Fargo analyst Aaron Rakers said in a note to clients. (Jin10)