Key Points
Three Wall Street analysts raised price targets for Marvell stock today.
Revenue growth could hit 34% this year -- and growth is accelerating.
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For the second day in a row, Marvell Technology (NASDAQ: MRVL) stock is moving higher -- and this time, you've got Wall Street to thank for it.
Tic-tac-toe, three-in-a-row, Wall Street analysts at Citigroup, Oppenheimer, and Wells Fargo lined up to raise price targets on Marvell stock -- to $215, $200, and $195, respectively.
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Why Wall Street loves Marvell stock
Why are Wall Street banks raising price targets on Marvell stock? Let me count the ways.
Citi's mainly playing catch-up here, raising its price targets on semiconductor stocks long after they've already skyrocketed. Yesterday, Citi nearly doubled its price target on Micron (NASDAQ: MU). Today, it's Marvell's turn, at the PT rises from $118 to $215 (also nearly a double).
As for the others, both Oppy and Wells cite Trainium chip sales to Anthropic, Amazon.com (NASDAQ: AMZN), and others as a major catalyst for Marvell. Oppenheimer forecasts $2 billion in custom chip sales (including Trainium) this year, with sales to Microsoft (NASDAQ: MSFT) ramping toward the end of the year. Wells points out that Marvell already has $225 billion in Trainium backlog and predicts Trainium sales could reach $6 billion in 2027 and 2028 -- with the potential to double if prices move higher.
Oppenheimer forecasts total revenue exceeding $11 billion in 2026 and $15 billion in 2027.
What it means for Marvell stock
Valued in excess of 57 times trailing earnings (and nearly 46 times forward earnings), Marvell is not a cheap stock -- not at first glance. Even just $11 billion in 2026 sales would mean 34% revenue growth, however, accelerating to 36% growth in 2027 if Marvell hits 2027 -- and Oppenheimer thinks these are conservative numbers.
Assuming profits growth can keep pace, Marvell stock may not yet be too expensive to buy.
Should you buy stock in Marvell Technology right now?
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Marvell Technology, Micron Technology, and Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
