Key Takeaways
- Oppenheimer boosted MRVL’s price target from $150 to $170 while maintaining its Outperform recommendation
- Shares climbed 22% across five consecutive trading days — the longest win streak in more than 12 months
- The chipmaker supplies custom AI processors (ASICs) to Amazon and expects to onboard Microsoft in the latter half of 2026
- ASIC sales are projected to reach $4 billion next year, with forecasts exceeding $10 billion by 2028
- Barclays upgraded the stock to Overweight on April 9 with a $150 target; Cantor Fitzgerald increased its target to $120
Marvell Technology has experienced a remarkable fortnight. Shares advanced for five consecutive sessions, posting a 22% gain during that period — marking the company’s strongest winning sequence in well over a year. Looking at the trailing twelve months, the stock has soared 151%.
Marvell Technology, Inc., MRVL
The surge has been fueled by growing optimism surrounding the semiconductor firm’s data center and artificial intelligence chip operations, with several Wall Street firms adopting increasingly bullish stances in recent sessions.
On Tuesday, Rick Schafer from Oppenheimer elevated his price objective for MRVL from $150 to $170 while reaffirming his Outperform stance. Based on Tuesday’s closing price near $134, this updated target suggests approximately 27% potential upside.
Schafer highlighted Marvell’s comprehensive portfolio of copper and optical technologies as a significant competitive advantage. The semiconductor company manufactures digital signal processors that transform electrical signals into optical pulses for fiber optic transmission, positioning them as essential components in contemporary AI-driven data center architecture. Schafer anticipates data center operations will account for 75% of Marvell’s total revenue throughout this year.
Custom AI Processors Gaining Traction
Beyond connectivity solutions, Marvell’s application-specific integrated circuits (ASICs) for AI workloads are capturing increased attention. The firm currently manufactures these specialized processors for Amazon and is positioned to start production for Microsoft during the second half of 2026.
During a recent European investor conference organized by Oppenheimer, Marvell leadership indicated that ASIC-related revenue is projected to double, reaching $4 billion in the coming year. Looking further ahead, the company has set sights on surpassing $10 billion in ASIC revenue by 2028.
Following that investor gathering, Schafer revised his earnings projections upward. He increased his fiscal 2027 EPS forecast to $3.92 from $3.84 and lifted his 2028 projection to $5.53 from $5.35. Both estimates exceed the current Street consensus of $3.84 and $5.46 for the respective periods.
Wednesday morning saw MRVL decline 1.7% to $131.55 in pre-market activity, as some market participants locked in gains following the recent rally. S&P 500 futures traded essentially unchanged as a brief uptick linked to U.S.-Iran ceasefire negotiations lost momentum.
Additional Analyst Support Emerges
Oppenheimer isn’t the only firm expressing increased confidence in the stock. On April 9, Barclays elevated Marvell from Equal Weight to Overweight while boosting its price objective from $105 to $150. Analyst Tom O’Malley referenced industry intelligence suggesting optical port shipments will double throughout 2026 and double once more in 2027.
Barclays projects Marvell’s optical business segment could expand by roughly 90% both this year and next, even factoring in potential market share advances by Broadcom.
Also on April 9, Cantor Fitzgerald increased its price target from $100 to $120, though the firm maintained its Neutral rating. The research house acknowledged that AI-related demand continues to demonstrate strength but noted that investors remain somewhat hesitant following recent portfolio adjustments. Cantor suggested that memory manufacturers and semiconductor capital equipment providers might be positioned to benefit first should risk appetite resurface.
As of Wednesday’s pre-market session, MRVL was changing hands at $131.55.
