Marvell Technology (MRVL) shares rose more than 11% on Thursday.
KeyBanc analyst John Vinh raised the firm's price target to $385 from $260.
This revision represents a 48% increase in the target price.
Vinh maintained an Overweight rating on the stock.
The upgrade follows recent investor meetings with Marvell management.
KeyBanc identifies data center networking as a more durable growth driver than custom chips.
The firm highlighted Marvell’s silicon photonics potential as a key differentiator.
The acquisition of Celestial AI further supports the firm's optimistic outlook.