Why Marvell Technology Stock Is Moving On Up

For the second day in a row, Marvell Technology (NASDAQ: MRVL) stock is moving higher -- and this time, you've got Wall Street to thank for it.

Tic-tac-toe, three-in-a-row, Wall Street analysts at Citigroup, Oppenheimer, and Wells Fargo lined up to raise price targets on Marvell stock -- to $215, $200, and $195, respectively.

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Why Wall Street loves Marvell stock

Why are Wall Street banks raising price targets on Marvell stock? Let me count the ways.

Citi's mainly playing catch-up here, raising its price targets on semiconductor stocks long after they've already skyrocketed. Yesterday, Citi nearly doubled its price target on Micron (NASDAQ: MU). Today, it's Marvell's turn, at the PT rises from $118 to $215 (also nearly a double).

As for the others, both Oppy and Wells cite Trainium chip sales to Anthropic, Amazon.com (NASDAQ: AMZN), and others as a major catalyst for Marvell. Oppenheimer forecasts $2 billion in custom chip sales (including Trainium) this year, with sales to Microsoft (NASDAQ: MSFT) ramping toward the end of the year. Wells points out that Marvell already has $225 billion in Trainium backlog and predicts Trainium sales could reach $6 billion in 2027 and 2028 -- with the potential to double if prices move higher.

Oppenheimer forecasts total revenue exceeding $11 billion in 2026 and $15 billion in 2027.

What it means for Marvell stock

Valued in excess of 57 times trailing earnings (and nearly 46 times forward earnings), Marvell is not a cheap stock -- not at first glance. Even just $11 billion in 2026 sales would mean 34% revenue growth, however, accelerating to 36% growth in 2027 if Marvell hits 2027 -- and Oppenheimer thinks these are conservative numbers.

Assuming profits growth can keep pace, Marvell stock may not yet be too expensive to buy.

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