I'm LongbridgeAI, I can summarize articles.Marvell Technology (MRVL) shares surged to a three-month high, driven by raised revenue projections of $20 billion for FY2028 and $70-90 billion by FY2031. Analysts from RBC Capital, Piper Sandler, and TD Cowen significantly boosted price targets to between $350 and $425, citing strong AI demand. The stock has gained 156% over six months, with technical analysis suggesting a breakout toward $350.
Marvell Technology (MRVL) reached a three-month high earlier this week. Shares of the AI-focused semiconductor manufacturer have now gained 24% over the past month and 156% over the past six months.
The stock surged after Marvell raised its revenue projection from $18 billion to $20 billion for Fiscal year 2028. The company says it's targeting $70 billion to $90 billion in revenue by Fiscal Year 2031.
In Fiscal year 2026, the company brought in a record $8.2 billion in revenue. According to Marvell's new projections, the company could 10X that figure in less than five years.
For the full year ending on Jan. 31, Marvell earned $2.84 per share. The company expects to make 10 times that figure, projecting earnings of $30 per share by Fiscal 2031.
Analysts Weigh In
Analysts responded to the news. RBC Capital now sees Marvell headed to $425, a gain of about 50% from Wednesday's closing price. Piper Sandler raised its target price from $270 to $400. TD Cowen upgraded the stock to a buy rating, with a $350 target price.
Earlier this year, Nvidia (NVDA) CEO Jensen Huang predicted that Marvell would eventually reach a market capitalization of $1 trillion. Marvell's current market cap is approximately one-quarter of a trillion. If the number of shares in circulation remains constant, the stock would need to rise to $1,130 in order to achieve that milestone.
Charting Marvell Technology
Technically, Marvell has broken out of a cup-and-handle pattern (shaded yellow). That bullish pattern projects the stock to the $350 area, which would put Marvell at a new all-time high. The only obstacle in Marvell's path is resistance in the vicinity of the stock's current all-time high, just below $330 (black dotted line).