Needham analyst N. Quinn Bolton says that comments made by Xilinx (XLNX) and Nokia (NOK) on their respective earnings calls appear to have "strong positive read-throughs" for Marvell's (MRVL) 5G business. Xilinx warned investors that baseband ASIC displacement would result in materially weaker wireless revenue in Q4 of 2019 and Q1 of 2020, while Nokia lowered its profit margin targets for the next couple of years citing the high cost of its first generation 5G products and the need to invest in SoC solutions in order to reduce its semiconductor costs, he notes. As the analyst believes Marvell's processors are displacing Xilinx's FPGAs for baseband applications in Samsung's (SSNLF) 5G base stations, he thinks Marvell is poised to pick up a meaningful portion of the business Xilinx is losing over the next two quarters. Similarly, he sees the company working with Nokia to deliver a custom ASIC over the next 12 months to help the latter reduce the cost of its 5G solutions. Bolton has a Buy rating and $28 price target on Marvell's shares.

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