TLDR
- Oppenheimer boosted MRVL’s price target from $150 to $170 while maintaining an Outperform rating
- Shares jumped 22% across five consecutive trading days — marking the longest rally in more than 12 months
- The chipmaker produces custom AI processors (ASICs) for Amazon and plans to supply Microsoft starting in the second half of 2026
- Projected ASIC revenue growth: doubling to $4 billion in 2026, then exceeding $10 billion by 2028
- Barclays moved MRVL to Overweight on April 9 with a $150 target; Cantor Fitzgerald increased its target to $120
Marvell Technology has experienced an impressive surge recently. Shares climbed through five consecutive trading sessions, posting a 22% gain during that period — representing the company’s strongest consecutive winning streak in over a year. Looking at the broader picture, the stock has appreciated 151% over the trailing 12-month period.
Marvell Technology, Inc., MRVL
This momentum has been fueled by growing optimism surrounding the company’s data center infrastructure and artificial intelligence semiconductor operations, with several Wall Street firms expressing increased confidence in recent sessions.
On Tuesday, Rick Schafer, an analyst at Oppenheimer, increased his price objective for MRVL from $150 to $170 while reaffirming his Outperform stance. Based on Tuesday’s closing price near $134, this new target suggests potential appreciation of approximately 27%.
Schafer highlighted Marvell’s comprehensive portfolio of copper and optical solutions as a significant competitive advantage. The semiconductor company manufactures digital signal processors that translate electrical signals into optical pulses for fiber optic transmission, positioning them as essential components in cutting-edge AI data center architectures. Schafer projects that data center operations will account for roughly 75% of Marvell’s total revenue during the current year.
Custom AI Chips Are a Growing Piece of the Story
Beyond its networking infrastructure business, Marvell’s application-specific integrated circuits (ASICs) for AI workloads are capturing significant market attention. The semiconductor firm currently manufactures ASICs for Amazon’s cloud operations and has announced plans to begin production for Microsoft[[/LINK_END_3]] during the latter half of 2026.
During a recent European investor conference organized by Oppenheimer, Marvell’s management team disclosed that ASIC-related revenue is projected to double, reaching $4 billion next year. Looking further ahead, the company has set an ambitious target of surpassing $10 billion in ASIC revenue by 2028.
Following that investor meeting, Schafer revised his earnings projections upward. His 2027 EPS forecast increased from $3.84 to $3.92, while his 2028 estimate rose from $5.35 to $5.53. Both projections exceed the current Wall Street consensus figures 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 market participants locked in gains following the recent advance. S&P 500 futures showed minimal movement as a brief market bounce related to potential U.S.-Iran ceasefire discussions lost momentum.
Other Analysts Have Also Turned Positive
Oppenheimer isn’t the only research firm expressing increased optimism. On April 9, Barclays elevated Marvell from Equal Weight to Overweight while raising its price objective from $105 to $150. Analyst Tom O’Malley indicated that industry research suggests optical port shipments will double during 2026 and double again throughout 2027.
Barclays projects that Marvell’s optical business segment could expand by approximately 90% both this year and next, even factoring in potential market share gains by competitor Broadcom.
Also on April 9, Cantor Fitzgerald increased its price target from $100 to $120, though the firm maintained a Neutral rating. The research house acknowledged sustained strength in AI-related demand but noted that investor sentiment remains measured following recent portfolio adjustments. Cantor suggested that memory chip manufacturers and semiconductor capital equipment providers might benefit first if market risk appetite strengthens.
As of Wednesday’s pre-market session, MRVL was changing hands at $131.55.
