Although Marvell Technology, Inc. (NASDAQ: MRVL) stock fell by more than 8% over the past 24 hours after its narrow earnings beat in the second quarter of fiscal 2027 against sky-high investor expectations, nearly a dozen Wall Street analysts have reiterated bullish sentiment for this company over the next 12 months.
On August 28, Vivek Arya, an analyst at Bank of America Corp. (NYSE: BAC), maintained a ‘Buy’ rating for Marvell stock. He also reaffirmed this bank’s 12-month price target of MRVL at $365, signaling a potential 64.5% upside.
Tore Svanberg, an expert at Stifel Nicolaus, reasserted a ‘Buy’ rating for MRVL, with a 12-month price target of $350. Earlier on Friday, John Vinh, an analyst at KeyBanc, restated a ‘Buy’ rating for Marvell stock and set a 12-month price target of $400.
Craig Ellis, a researcher at B. Riley Securities, reiterated a ‘Buy’ rating for this company. He further raised this firm’s 12-month price target of MRVL to $345 from $315.
Earlier on the day, Christian Schwab, a Wall Street analyst at Craig-Hallam, maintained a ‘Buy’ rating for Marvell. He raised this firm’s 12-month price target for MRVL to $300 from $217.
Suji Desilva, a researcher at Roth MHM, retained this firm’s 12-month price target for Marvell stock at $350, with a Buy rating. Rick Schafer, an analyst at Oppenheimer, raised this firm’s 12-month price target for MRVL to $325 from $300, with a ‘Buy’ rating.
Meanwhile, Quinn Bolton from Needham, Aaron Rakers at Wells Fargo & Co. (NYSE: WFC), and Atif Malik from Citigroup Inc. (NYSE: C) assigned a ‘Buy’ rating for MRVL and set 12-month price targets of $300, $310, and $310, respectively.
Why are Wall Street analysts bullish on Marvell stock
As of press time, 27 Wall Street analysts surveyed by TipRanks have set an average 12-month price target for Marvell stock at $299.17, suggesting a possible 34.9% upside.
These analysts remain bullish on Marvell amid an anticipated AI (Artificial Intelligence) boom. Moreover, during its Q2, Marvell reported a record quarterly revenue of $2.739 billion, representing a 37% year-over-year increase that topped Wall Street expectations by roughly $30 million.
This company’s growth was heavily powered by data center sales, which hit a record $2.17 billion due to strong hyperscaler demand for optical interconnects and custom AI chips. Despite these all-time highs, the company delivered a modest earnings beat, with its $0.94 earnings per share (EPS) edging out analyst estimates by $0.01.
MRVL price performance
Year-to-date (YTD), MRVL’s price has rallied by more than 148%, thereby pushing this company’s market capitalization to $217 billion at the time of publication.
Essentially, Wall Street analysts expect MRVL’s price to rebound towards its all-time high (ATH) over the next 12 months.
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