On behalf of Marvell Technology, Inc. (NASDAQ: MRVL) The stock rose ahead of its confirmed June 22 entry into the S&P 500, and KeyBanc issued an upside price target for the next 12 months.
On June 18, the company raised its target to $385 from $260 while reiterating the Overweight rating. The new figure indicates a roughly 19% upside from the MRVL price of $323.05 at press time.
The higher price target reflects KeyBanc’s growing conviction in the opportunity to connect with Marvell’s data centers. Following recent investor meetings with the company, analyst John Vinh sees silicon photonics and the acquisition of Celestial AI helping Marvell differentiate.
Where is it? He argues These networks should increasingly be of interest to investors, as they view them as more sustainable than dedicated XPUs. While Marvell has a clear path to achieving $10 billion in dedicated XPU revenue by FY29, the analyst sees the long-term sustainability of this business as less certain.
Meanwhile, Wall Street analysts set a high price target for MRVL stock at $385, an average target of $256.81, and a low of $180, according to Data from TipRanks.
Marvell stock hits a new all-time high
Amid bullish sentiment for Marvell due to rising demand for artificial intelligence (AI), MRVL stock rose to a high on Thursday. Year-to-date (YTD), Marvel stock is up more than 280%, reaching an all-time high (ATH) of around $323.05 at reporting time.
As such, the company’s market cap was approximately $253.3 billion at press time. If MRVL stock maintains its bullish outlook since the beginning of the year, it is possible to achieve KeyBanc’s price target in the next 12 months.
