TLDR
- Oppenheimer elevated its MRVL price objective to $170 from $150, maintaining an Outperform rating
- MRVL shares advanced 22% across five consecutive trading days — marking the longest rally in more than a year
- The semiconductor firm produces custom AI chips (ASICs) for Amazon and expects to onboard Microsoft as a customer during the second half of 2026
- ASIC revenue projections call for a doubling to $4 billion in the coming year, with forecasts exceeding $10 billion by 2028
- Barclays moved MRVL to Overweight on April 9, lifting its price objective to $150; Cantor Fitzgerald increased its target to $120
Marvell Technology has experienced a remarkable fortnight of trading activity. The shares advanced during five consecutive sessions, accumulating a 22% gain throughout that period — representing the company’s most impressive winning sequence in over twelve months. Looking at the trailing year, the stock has climbed 151%.
Marvell Technology, Inc., MRVL
The upward momentum stems from strengthening conviction in the company’s data-center and artificial intelligence chip operations, with several Wall Street research teams adopting more bullish stances recently.
On Tuesday, Oppenheimer analyst Rick Schafer elevated his price objective on MRVL to $170 from $150. He maintained his Outperform rating on the shares. Based on Tuesday’s closing price near $134, that target represents approximately 27% potential appreciation.
Schafer highlighted Marvell’s comprehensive portfolio of copper and optical products as a significant competitive advantage. The firm manufactures digital signal processors that transform electrical signals into light pulses for fiber optic cables, positioning them as essential components of contemporary AI data center architecture. Schafer anticipates data centers will comprise 75% of Marvell’s revenue during this fiscal year.
Custom AI Chips Are a Growing Piece of the Story
Beyond networking products, Marvell’s custom AI chips — referred to as ASICs — are capturing increasing analyst focus. The company currently manufactures ASICs for Amazon and plans to commence chip production for Microsoft during the second half of 2026.
During a recent investor conference in Europe organized by Oppenheimer, Marvell management indicated ASIC revenue should double to $4 billion next year. The company has established a target of surpassing $10 billion in ASIC revenue by 2028.
Schafer revised his earnings projections following that investor event. He lifted his 2027 EPS forecast to $3.92 from $3.84 and his 2028 projection to $5.53 from $5.35. Both estimates exceed the current Wall Street consensus of $3.84 and $5.46 for those respective years.
On Wednesday morning, MRVL declined 1.7% to $131.55 in pre-market trading, with some market participants capturing gains following the recent advance. S&P 500 futures traded roughly flat as a brief relief rally connected to U.S.-Iran ceasefire discussions lost momentum.
Other Analysts Have Also Turned Positive
Oppenheimer represents one of multiple research firms adopting a more favorable view on the stock. On April 9, Barclays upgraded Marvell from Equal Weight to Overweight and lifted its price objective from $105 to $150. Analyst Tom O’Malley indicated industry research suggests optical port shipments will double in 2026 and double again in 2027.
Barclays projects Marvell’s optical segment could expand approximately 90% this year and next, even factoring in potential market share gains by Broadcom.
Also on April 9, Cantor Fitzgerald increased its price target from $100 to $120, while maintaining a Neutral rating. The firm acknowledged AI demand remains robust but noted that investors remain cautious following recent position reductions. Cantor added that memory and semiconductor production equipment companies might benefit first should risk appetite improve.
As of Wednesday’s pre-market session, MRVL was trading at $131.55.
