Marvell Technology (MRVL) is just starting to pivot higher again.
Last trading at $70.88, I’d like to see MRVL retest its prior high of about $85.
Helping, the company recently declared a quarterly dividend of six cents, payable on May 1 to shareholders of record as of April 12. MRVL also authorized another $3 billion to the balance of its existing stock repurchase program, increasing the total current repurchase authority to about $3.3 billion.
Citi also just opened a 30-day catalyst watch on the MRVL stock ahead of its Ai event on April 11. “If recent history is any guide, snatching up shares of Marvell Technology ahead of its upcoming artificial intelligence presentation could potentially pay off for investors, according to Citi,” as noted by CNBC.
Plus, Bank of America reiterated a buy on MRVL, as well.
The firm noted, “We expect MRVL to showcase its broad-range of computing, electro-optics, networking and custom-chip design assets at its ‘Accelerated Infrastructure for The AI Era Event’ scheduled for 10-12am ET in NY on April-11,” as quoted by CNBC.
