TLDR
- Marvell (MRVL) closed up 8.2% at $177.95 on Wednesday, a new record high, and rose a further 4.2% in premarket Thursday to $185.40.
- The stock has now gained over 100% in 2026, logging 12 record closes this year.
- Goldman Sachs raised its 12-month price target to $125 from $100, citing a potential Google partnership and stronger optical networking outlook, while keeping a Neutral rating.
- BofA raised its target to $200 from $125 and named Marvell a “top pick,” pointing to broad custom chip demand and the Microsoft Azure chip deal.
- Analysts estimate the long-term AI data center market could reach $1.7 trillion by 2030, a key factor behind the bullish calls.
Marvell Technology (MRVL) closed at $177.95 on Wednesday — up 8.2% — setting a new record high. By Thursday premarket, it had tacked on another 4.2% to $185.40.
Marvell Technology, Inc., MRVL
The stock has now more than doubled in 2026, up over 100% year-to-date. That’s not a typo. Wednesday marked the company’s 12th record close of the year.
The catalyst? A pair of bullish analyst notes from Goldman Sachs and Bank of America, both of which raised their price targets on the same day.
Goldman Sachs lifted its 12-month target to $125, up from $100. The bank kept a Neutral rating but flagged several tailwinds: a potential new partnership with Google, increased capital spending from hyperscale cloud providers, and a stronger-than-expected outlook for Marvell’s optical networking business. Together, analysts said, these factors “should drive upside to the datacenter business.”
BofA was more enthusiastic. Analysts there pushed their price target from $125 to $200 and called Marvell a “top pick.” Their note pointed to broad demand for the company’s custom chips and flagged what they described as a conservative ramp estimate for its deal with Microsoft to produce chips for the Azure cloud platform.
Hyperscaler Tailwinds
Marvell has built its recent momentum on its relationships with the biggest names in cloud computing. Amazon and Microsoft are already known partners for its custom AI chips, and the prospect of adding Google to that list has investors paying close attention.
Hyperscalers — the mega-cloud companies — have been raising their capital expenditure forecasts, and much of that spending feeds directly into the kind of custom chip and optical networking infrastructure that Marvell supplies.
The AI data center market, which analysts estimate could reach $1.7 trillion by 2030, sits at the core of the investment thesis for MRVL.
Eyes on May 27 Earnings
With the stock at record levels, all attention now shifts to Marvell’s earnings report on May 27. Goldman’s note specifically called out the earnings date, saying the company looks “well-positioned” heading in.
Marvell’s average daily trading volume sits around 23.7 million, and its market cap stands at approximately $143.8 billion.
The stock’s technical sentiment signal is listed as a Buy, according to TipRanks data, with year-to-date performance of roughly 93.8% as of the time of writing.
BofA’s $200 target implies further upside from current levels. Goldman’s $125 target, while lower than where the stock currently trades, reflects a more cautious view — though even that figure was revised upward by 25% this week.
Marvell’s last record close before Wednesday was May 6. It has now surpassed that level.
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