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Marvell stock gains after Evercore starts coverage with bullish rating

Shares of Marvell Technology Group Ltd. MRVL, -1.34% are up 3.2% in premarket trading after Evercore ISI analyst C.J. Muse initiated protection of the inventory with an outperform score. "We see the emergence of the third wave of compute led by AI/big data/storage making data worth a lot more today, creating a virtuous cycle generating ever increasing demand for higher semiconductor content led by the data center/cloud - with Marvell a direct beneficiary of these trends," Muse wrote. He likes that Marvell is focusing extra on data-center and infrastructure opportunities than it's on the shopper industry. "We expect Marvell to gradually gain share in the enterprise and campus markets, with design wins ramping in production and driving overall revenues up high-single digits," he wrote. Muse has a $27 price goal on the inventory, which is up 19% during the last 12 months, compared with a 13% upward push for the S&P 500 SPX, +zero.22%