If recent history is any guide, snatching up shares of Marvell Technology (MRVL) ahead of its upcoming AI presentation could potentially pay off for investors, according to Citi. Given this setup, analyst Atif Malik opened a positive catalyst watch on the semiconductor stock ahead of its April 11 event, with its $91 price target implying 33% upside from Tuesday's close. MRVL YTD mountain Marvell shares in 2024 Nvidia, Broadcom and AMD "moved up into their respective AI days and the setup appears similar for MRVL after the recent pullback," he wrote. While Marvell shares have underperformed in recent weeks following a weak current-quarter guide, Malik noted that shares trade at an 18% valuation discount to many AI peers. The stock is down about 5% in march but up more than 13% on the year.

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Persons: Atif Malik, Malik, Marvell Organizations: Marvell Technology, Citi, Marvell, Nvidia, Broadcom, AMD, Amazon Web, Fiber Communication Locations: California