Marvell Technology (MRVL) is expected to deliver upside to fiscal Q3 results and fiscal Q4 guidance, supported by demand for its AI ASICs and high-speed networking products, Oppenheimer analysts said in a Sunday note.

According to the note, data-center revenue is expected to be flat sequentially but up 36% year over year in fiscal Q3.

Enterprise networking and carrier sales are each projected to rise about 30% sequentially, the firm said.

Oppenheimer believes Marvell is well positioned to deliver above-average structural growth, driven by data-center AI and networking.

The firm maintained its outperform rating on the stock with a $115 price target.

Shares of Marvell Technology were up more than 7% in recent Monday trading.

Price: 82.90, Change: +5.45, Percent Change: +7.04