Marvell Technology Inc (NASDAQ: MRVL) has gained some 20% since the start of 2024 but a Citi analyst is convinced it can extend its rally further in the coming months.

Atif Malik reiterated his “buy” rating on $MRVL this morning and said shares of the specialty semiconductor company could climb to $91 – a 33% upside on their previous close.

Marvell is scheduled for an AI presentation on April 11th that the Citi analyst expects will serve as a positive catalyst for it stock. His research note also reads:

Marvell stock currently pays a dividend yield of 0.34%.

Atif Malik recommends building a position Marvell Technology because it’s trading at about an “18% valuation discount to AI peers”.

Note that Broadcom, AMD, and Nvidia – all pushed higher following their artificial intelligence focused events and the setup, as per the Citi analyst, looks “similar for $MRVL after the recent pullback” as well.

Malik is bullish on Marvell shares even though the Nasdaq-listed firm’s guidance for its current quarter fell short of Street expectations earlier this month (read more).

He expects the semiconductor giant to discuss at its upcoming AI event the total addressable market (TAM) of application-specific integrated circuits which may hit $40 billion over the next three to four years.

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