Investors are growing increasingly bullish on Marvell Technology's (NASDAQ: MRVL) prospects. The stock has climbed 98% over the last year and 39% year to date. Even with that big price jump, Rosenblatt analyst Hans Mosesmann reiterated a buy rating on the stock earlier this week with a near-term price target of $100. Hitting that target implies a 19% price jump over the next 12 months.

Demand for Marvell's semiconductor solutions tied to artificial intelligence (AI) is taking off. As a result, analysts expect the company to return to growth in the near term, which is the main reason behind the stock's performance.

A massive upgrade cycle is underway in the data center market to facilitate AI workloads. Nvidia has been the torch bearer of this opportunity so far, but it is spilling over to other component and systems makers, which includes Marvell's data infrastructure products.

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Source Fool.com