TLDR
- Oppenheimer raised its price target on MRVL to $170 from $150, keeping an Outperform rating
- The stock has risen 22% over five straight trading sessions — its longest winning streak in over a year
- Marvell makes custom AI chips (ASICs) for Amazon and is set to add Microsoft as a client in H2 2026
- ASIC revenue is expected to double to $4 billion next year and hit $10 billion+ by 2028
- Barclays upgraded MRVL to Overweight on April 9, raising its target to $150; Cantor Fitzgerald lifted its target to $120
Marvell Technology has had a strong couple of weeks. The stock climbed for five straight sessions, gaining 22% over that stretch — its best winning run in more than a year. Over the past 12 months, it’s up 151%.
Marvell Technology, Inc., MRVL
The rally has been driven by renewed confidence in the company’s data-center and AI chip business, with multiple Wall Street analysts turning more positive in recent days.
On Tuesday, Oppenheimer analyst Rick Schafer raised his price target on MRVL to $170 from $150. He kept his Outperform rating in place. At Tuesday’s closing price of around $134, that target implies roughly 27% upside.
Schafer pointed to Marvell’s “full suite” of copper and optical products as a key strength. The company makes digital signal processors that convert electrical signals into light pulses for fiber optic cables, making them a core part of modern AI data center infrastructure. Schafer expects data centers to make up 75% of Marvell’s revenue this year.
Custom AI Chips Are a Growing Piece of the Story
Beyond networking, Marvell’s custom AI chips — known as ASICs — are drawing attention. The company already produces ASICs for Amazon and is on track to begin making chips for Microsoft in the second half of 2026.
At a recent investor meeting in Europe hosted by Oppenheimer, Marvell executives said ASIC revenue is expected to double to $4 billion next year. By 2028, the company is targeting over $10 billion in ASIC revenue.
Schafer updated his earnings estimates following that meeting. He raised his 2027 EPS estimate to $3.92 from $3.84 and his 2028 estimate to $5.53 from $5.35. Both figures sit above current Wall Street consensus of $3.84 and $5.46 for those years.
On Wednesday morning, MRVL slipped 1.7% to $131.55 ahead of the open, with some investors taking profits after the recent run. S&P 500 futures were roughly flat as a brief relief rally tied to U.S.-Iran ceasefire talks ran out of steam.
Other Analysts Have Also Turned Positive
Oppenheimer isn’t alone in warming up to the stock. On April 9, Barclays upgraded Marvell from Equal Weight to Overweight and raised its price target from $105 to $150. Analyst Tom O’Malley said industry checks point to optical port shipments doubling in 2026 and doubling again in 2027.
Barclays estimates Marvell’s optical segment could grow around 90% this year and next, even accounting for some market share gains by Broadcom.
Also on April 9, Cantor Fitzgerald raised its price target from $100 to $120, though it kept a Neutral rating. The firm said AI demand remains strong but flagged that investors are still cautious after recent position cuts. Cantor added that memory and semiconductor production equipment companies could benefit first if risk appetite returns.
As of Wednesday’s pre-market, MRVL was trading at $131.55.
🚨 Our April Stock Picks Are Live!
A new month means new opportunities. Our analysts have just released their top stock picks for April, highlighting companies with strong momentum that rank highly on our KO Score algorithm. We’re also now sharing trade ideas for both long-term and short-term investors, giving you more ways to spot potential opportunities in the market.
Sign up to Knockout Stocks today and get 50% off to unlock the full list and see which stocks made the cut.
Use coupon code Special50 for your exclusive discount!
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
