Marvell Technology, Inc. Image of MRVL) Ahead of the stock’s June 22 entry into the S&P 500, KeyBanc has issued a price forecast for the next 12 months.
On June 18, the company raised its price target to $385 from $260 and reiterated its Overweight rating. The new figure represents a 19% upside from MRVL’s $323.05 price at press time.
The price hike reflects KeyBanc’s interest in Marvell’s online opportunities. Following recent meetings with the company, analyst John Vinh sees silicon photonics and the presence of Celestial AI helping Marvell differentiate.
Vinh they object that networks should focus on investors, they see them as more robust than conventional XPUs. While Marvell has a clear path to $10 billion in XPU revenue by FY29, the analyst sees the long-term sustainability of the business as less likely.
Meanwhile, Wall Street analysts have set the highest price target for MRVL at $385, the average price target at $256.81, and the lowest price target at $180, according to data from TipRanks.
Marvell stock has soared
Amidst Marvell’s speculation about the rise in demand for artificial intelligence (AI), MRVL’s stock rose sharply on Thursday. Year-to-date (YTD), Marvel stock is up more than 280%, reaching an all-time high (ATH) of around $323.05 at the time of reporting.
As such, the company had a market capitalization of approximately $253.3 billion at the time of publication. If MRVL’s stock maintains its YTD performance, KeyBanc’s value over the next 12 months could be bullish.
