Marvell Technology, Inc. (MRVL) closed at $287.01 on Tuesday, up 6% on the day, following a wave of analyst price target increases tied to the company's Investor Day presentation. The gains extended a strong run for the semiconductor maker, whose market capitalization stands at $251.69 billion and whose shares have climbed 238% year-to-date. Marvell designs semiconductors for data infrastructure, including connectivity, optical components, and custom silicon for AI workloads — the same categories anchoring its long-term growth framework.

TD Cowen Moves to Buy

TD Cowen upgraded Marvell to Buy from Hold on Wednesday and raised its price target to $350 from $245. The upgrade comes a year after the firm had downgraded the stock. Analyst Sean O'Loughlin said the firm had been wrong about share loss in Marvell's connectivity business.

TD Cowen now believes growth drivers have shifted toward connectivity, and the firm said margin risk tied to Marvell's custom XPU programs — custom-built AI accelerator chips — has eased. TD Cowen projects that Marvell could generate more than $30 in earnings per share within three years, an estimate tied to the company's diversified growth outlook.

Investor Day Sparks New Targets

Marvell held its 2026 Investor Day on October 6, laying out a long-term revenue framework that runs through fiscal 2031. (Marvell's fiscal year ends in late January or early February, so FY31 refers to the fiscal year ending in early 2031.) The company projects annual revenue of $70 billion to $90 billion by FY31, with growth expected from AI infrastructure, custom chips, connectivity, and optical products.

For FY28, Marvell expects revenue near $20 billion, roughly $18 billion of which is projected to come from the data-center segment. The company also outlined its custom chip trajectory, projecting that FY29 custom revenue will top $12 billion. Set against that FY28 baseline, the FY31 range implies the company expects revenue to more than triple across the framework's final three years.

Following the event, Jefferies analyst Blayne Curtis raised his price target to $450 from $325 and kept a Buy rating on the shares. He pointed to connectivity as the center of Marvell's growth story, estimating that interconnect revenue could reach $37.5 billion at the midpoint of the FY31 guidance, with custom revenue nearing $30 billion by that year.

Other Analysts Weigh In

Evercore ISI analyst Mark Lipacis lifted his price target to $433 from $275, citing Marvell's intellectual property portfolio and flexible business model.

Raymond James analyst Simon Leopold kept a Strong Buy rating and a $295 price target, calling the FY31 outlook extraordinary. Leopold noted that execution and supply availability will matter going forward, and he flagged cloud spending on AI as a factor to watch.

Consensus and Premarket Trading

On TipRanks, MRVL carries a Strong Buy consensus rating, based on 26 Buy calls and four Hold calls. The average analyst price target sits at $313.84, implying about 9% upside from current levels. The targets cited span $295 at Raymond James to $450 at Jefferies, and all of them sit above Tuesday's closing price.

In premarket trading Wednesday, Marvell stock slipped to $282.29, a decline of about 2% from the prior close.

Source: Marvell (MRVL) Stock Jumps 6% as Wall Street Goes All In on AI — CoinCentral