Raymond James analyst Chris Caso initiated Marvell with a Market Perform rating, saying that while the company's investment "story" is strong, there may not be enough upside in the stock price over the next 3 years relative to the current valuation. The analyst believes that a positive inflection point for Marvell will not arrive until 2021 when 5G technology development "fully ramps" and its strategic changes from recent acquisitions start to take hold. Caso sees the stock as "fairly valued" with potential for a bull case being "too uncertain" at this time.