Marvell Technology soars as Morgan Stanley ups price target to $80
Marvell Technology is roaring higher in early trading, up nearly 10% to lead the Nasdaq 100, with Morgan Stanley boosting its price target on the stock to $80 from $73.
Analyst Joseph Moore, who maintained his “equal weight” rating on Marvell, raised his price targets on many semiconductor stocks benefiting from the AI boom, including Nvidia.
“In our view, Marvell will maintain a majority share of the digital signal processor market and should be a direct beneficiary of NVIDIA's upcoming product cycle,” he writes. “Marvell is firmly in the AI winners camp, and sentiment has swung aggressively negative compared to a few months ago.”
That last bit might be a stretch.
Wall Street as a collective is still much more bullish on Marvell than Morgan Stanley: 82% of analysts polled by Bloomberg deem the stock a buy, with the rest calling it a hold (or equivalent rating). The average price target is a little north of $90, while shares are trading around $83 as of 8:05 a.m. ET. The consensus rating for the stock is the 17th-highest among Nasdaq 100 stocks.
