Wells Fargo raises Marvell stock price target on chip momentum

Wells Fargo adjusted its price target for Marvell Technology stock (NASDAQ:MRVL) to $365, up from $310, while keeping an Overweight rating. The investment bank praised Marvell's performance, projecting earnings per share of over $30 for fiscal years 2030 and 2031, which exceeds the previous estimates. Analysts cited Marvell's progress in various interconnect and custom silicon segments, expanded design wins, and XPU-attach uplift as key drivers behind this optimism.

The new price target reflects a valuation multiple of approximately 26 times the fiscal year 2028 price-to-earnings ratio. Marvell's stock is currently trading at $287.01 with a market capitalization of $251.69 billion, though InvestingPro analysis indicates the stock might be slightly overvalued relative to its fair value. The company's strong AI and data center positioning, coupled with an impressive 231% gain over the past year, have contributed to investor confidence.

Marvell's connectivity portfolio, covering a wide range of customers and programs, and its growing custom silicon focus across diverse scale technologies, have also been highlighted as significant growth catalysts.