Marvell Technology (MRVL) shares soared 9% to $290.63 on Monday, driven by a broad tech rally sparked by President Trump’s announced peace deal with Iran, which eased oil prices and boosted risk appetite. The Nasdaq jumped 2.68%, and Marvell—already benefiting from the AI infrastructure boom—was a standout performer.
Adding to the momentum, B. Riley Securities raised its price target to $345 on June 12 while maintaining a Buy rating, citing Marvell’s deepening partnership with Nvidia and its central role in AI data center infrastructure. Rosenblatt kept a Buy with a $240 target, and Barclays reiterated Overweight at $275. Despite the bullish consensus, the average analyst target of $233.50 sits well below the stock’s current level, now just shy of its 52-week high of $324.20.
The company also announced the appointment of former Adobe CFO Dan Durn as its new chief financial officer, effective June 15, replacing Willem Meintjes, who will remain as an adviser. CEO Matt Murphy called the hire a perfect fit for the “once-in-a-generation AI infrastructure build-out.” The firm reaffirmed its fiscal Q2 2027 guidance, keeping the optimism intact.
Year-to-date, MRVL is up over 229%, trading above all major moving averages with a bullish technical structure. Earnings are due August 27, with EPS forecast at $0.88 and revenue at $2.70 billion. The stock’s forward price-to-earnings ratio sits around 96, raising valuation concerns, but the AI-fueled growth narrative continues to overshadow them. Wall Street expects revenue to hit $11.5 billion this fiscal year and $16.6 billion next, fueled by custom cloud chips and strategic acquisitions like Celestial AI.
