Marvell Technology (MRVL) stock has had a remarkable 2026 — up 247% year-to-date, trading around $271. The question now is whether there’s still room to run.
Marvell Technology, Inc., MRVL
The stock pulled back slightly on Tuesday, dropping $28.82 to hit $279.04 during trading hours. Volume came in at over 46 million, well above its average of 30 million.
The rally has been fueled by two fast-growing markets: custom AI processors (ASICs) and optical networking equipment. Both are in heavy demand as hyperscalers race to build out AI data center infrastructure.
Nvidia CEO Jensen Huang recently called Marvell the “next trillion-dollar company.” That kind of endorsement from the most prominent name in AI chips carries weight with investors.
On the earnings front, Marvell reported $2.42 billion in Q1 revenue — slightly ahead of the $2.41 billion consensus — with EPS of $0.80, right in line with expectations. Revenue was up 27.6% compared to the same quarter last year.
Looking ahead, Marvell guided Q2 2027 EPS to a range of $0.88–$0.98. For the full fiscal year 2027, the company projects 40% revenue growth to $11.5 billion.
The custom AI processor market is the bigger story. Bloomberg estimates it could reach $118 billion by 2033, making up 19% of total AI chip sales. Marvell expects its custom silicon revenue to grow more than 100% in fiscal 2028.
Optical networking is the other piece. Goldman Sachs projects the market could grow 9x to $154 billion — and lists Marvell as a key player alongside Nvidia and Broadcom. Marvell’s own forecast calls for its datacenter interconnect optical product revenue to double to $1 billion by fiscal 2028.
The company also launched the Teralynx T100 switch, a 102.4 Tbps product targeting AI data center bandwidth bottlenecks.
Wall Street has responded with a flurry of upgrades and price target hikes. Bank of America raised its target from $240 to $365, maintaining a buy rating. KeyBanc set a new Street-high target. Needham bumped its target from $118 to $270 with a buy rating.
Of the 47 analysts covering MRVL, 85% rate it a buy. The consensus price target sits at $232.74 — well below where the stock is currently trading, which reflects how fast the stock has moved.
The stock carries a trailing P/E of 95.56 and a forward P/E of 76. The Nasdaq Composite average P/E is around 41 for comparison.
Institutional investors hold 83.51% of the stock. Several funds added to positions in Q2, including Baird Financial Group, which lifted its stake by 22.7%.
On the insider side, CFO Daniel Durn sold 2,250 shares on June 23 at an average price of $281.01, totaling roughly $632,000. He still holds 6,902 shares valued at about $1.94 million.
Marvell’s 52-week range runs from $61.44 to $329.88, and its market cap now sits at $244 billion.
The post Marvell (MRVL) Stock Soars 247% in 2026 — Is There Still Upside Left? appeared first on CoinCentral.
