Marvell Technology Inc. (NASDAQ: MRVL) saw its shares post gains after Chief Executive Officer Matt Murphy gave an upbeat outlook this week to Wall Street analysts in an investor conference. The chip maker has signaled that its custom chip business will not likely see any revenue gap in 2026. This is despite market concerns that its business relationship with Amazon.com Inc. (NASDAQ: AMZN) in its AWS unit.
The company’s forecasts for its data center business also looked to be in-line with hyperscaler capital spending growth of about 18% as a baseline. Murphy also sees opportunities to perform even better with stronger revenue growth with contributions from its scale-up networking connections.
While Marvell’s stock rose by 4.6% to $83.81 on Thursday’s closing bell, the stock was indicated lower by about 2% on Friday in early trading. Marvell had already pulled back by a third from its highs and it has a 52-week range of $47.09 to $127.48.
Now for the big question — is Marvell’s growth outlook and its opportunities from AI enough to get Wall Street back on its side? After all, this stock was still down 24% YTD even after the gain on Thursday, and that is despite a 13% gain over the last month.
And while the insider buy/sell window was open, corporate executives (including the CEO) were also shown to purchased nearly $2 million in open market transactions this week.
Oggonomics has tracked multiple analyst calls after its investor event. Please be advised that any price targets, formal ratings actions and conjecture have been assigned to each brokerage firm by name. Please be advised that Oggonomics has no formal price target and no formal rating of its own for Marvell and other companies in this report.
Here are the analyst actions that have been seen this week in the wake of the investors conference.
BofA Securities maintained its Neutral rating, but still raised its price objective to $88 from $78 after the presentation. BofA had previously downgraded Marvell to Neutral from Buy with a $78 price objective on August 29.
Citi has reiterated its Buy rating with a $92 price target
Deutsche Bank reiterated its Buy rating and raised its target to $90 from $80.
Evercore ISI reiterated its Buy rating with a $122 price target. It had trimmed its price target down to $122 from $133 on August 29.
Needham & Co. reiterated a Buy rating and raised its price target to $95 from $80 in reaction. Needham had previous trimmed its price target to $80 from $85 as recently as the end of August.
Oppenheimer reiterated its Outperform rating with a $95 price target, which it had also maintained on August 29.
Please note that more analyst calls may be added if and as they are released.
