Marvell Technology Gains 7.4% Following AMD Investment and Target Price Upgrade
Marvell Technology (NASDAQ: MRVL) shares rose 7.4% on Wednesday, returning to record-high territory, after Bank of America raised its target price from $125 to $200, citing increased demand for its AI networking solutions. Additionally, Advanced Micro Devices (NASDAQ: AMD) disclosed it owns 65,516 shares of Marvell, valued at approximately $11.6 million, suggesting a potential partnership between the two companies.
As of now, Marvell is valued at 46 times next fiscal year’s projected earnings of $3.83 per share, having seen a 126% increase since early March. While analysts remain bullish, some caution investors to wait for a market correction before purchasing, as the stock may be technically overbought.
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