Marvell Technology (NASDAQ: MRVL) shares rose 2.08% on Thursday. The stock closed at $190.69. This move extends a five-day rally to 15%.
Citigroup analyst Atif Malik raised his price target for the company by 82%. The new target is $215. Malik maintained a Buy rating, citing strong demand for Amazon’s Trainium 2 AI accelerators. Marvell co-designed this custom silicon with Amazon Web Services.
Wells Fargo recently lifted its price target to $195. Oppenheimer also raised its target to $200. These moves align with pre-earnings optimism regarding a massive Trainium backlog and optical interconnect momentum. Marvell reports fiscal first-quarter earnings on May 27.