Key Takeaways
- Oppenheimer boosted MRVL price target from $150 to $170 while maintaining Outperform rating
- Shares climbed 22% across five consecutive sessions — the longest streak in more than 12 months
- Company produces custom AI ASICs for Amazon and will begin supplying Microsoft in the second half of 2026
- ASIC segment revenue projected to reach $4 billion next year and exceed $10 billion by 2028
- Barclays upgraded MRVL to Overweight on April 9 with $150 target; Cantor Fitzgerald increased target to $120
Marvell Technology has enjoyed impressive momentum recently. Shares advanced for five consecutive trading days, posting a 22% gain during that period — marking the company’s strongest winning streak in over a year. Looking at the trailing 12-month period, the stock has climbed 151%.
Marvell Technology, Inc., MRVL
The upward movement reflects growing Wall Street enthusiasm for the company’s artificial intelligence and data center semiconductor offerings, with several analysts recently upgrading their outlooks.
On Tuesday, Rick Schafer from Oppenheimer increased his MRVL price objective to $170 from the previous $150 target. His Outperform rating remains unchanged. Based on Tuesday’s closing price near $134, the new target suggests approximately 27% potential appreciation.
Schafer highlighted Marvell’s comprehensive portfolio of copper and optical solutions as a competitive advantage. The semiconductor manufacturer produces 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 architectures. Schafer projects data center operations will account for 75% of Marvell’s total revenue this year.
Custom AI Semiconductors Gaining Traction
Beyond its networking portfolio, Marvell’s application-specific integrated circuits (ASICs) for AI workloads are capturing investor interest. The firm currently manufactures ASICs for Amazon and expects to commence production for Microsoft during the latter half of 2026.
During a recent European investor conference organized by Oppenheimer, Marvell leadership indicated that ASIC revenues are projected to double, reaching $4 billion next year. The company aims to generate more than $10 billion in ASIC revenue by 2028.
Following that investor event, Schafer revised his earnings projections upward. He now forecasts 2027 EPS of $3.92, up from his prior $3.84 estimate, and 2028 EPS of $5.53, increased from $5.35. Both projections exceed the 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 as some investors locked in gains following the recent advance. S&P 500 futures traded nearly unchanged as a brief rally sparked by U.S.-Iran ceasefire discussions lost momentum.
Broader Wall Street Optimism Emerges
Oppenheimer’s bullish stance isn’t isolated. On April 9, Barclays elevated Marvell from Equal Weight to Overweight while lifting its price objective from $105 to $150. Analyst Tom O’Malley cited industry research suggesting optical port shipments will double in 2026 and double once more in 2027.
Barclays projects Marvell’s optical business segment could expand roughly 90% this year and maintain similar growth next year, even factoring in potential market share gains by Broadcom.
Also on April 9, Cantor Fitzgerald increased its price target from $100 to $120, though it maintained its Neutral rating. The firm acknowledged sustained AI demand but noted investor caution persists following recent position reductions. Cantor suggested memory and semiconductor capital equipment companies might benefit initially if market risk appetite improves.
As of Wednesday’s pre-market session, MRVL was changing hands at $131.55.
