**Marvell Technology’s Stock Surges Following Price Target Increases**
Marvell Technology (NASDAQ: MRVL) has seen its stock rise for the second consecutive day, primarily driven by updated price targets from Wall Street analysts. Citigroup raised its target from $118 to $215, while Oppenheimer and Wells Fargo set theirs at $200 and $195, respectively.
The analysts attribute this optimism to anticipated strong sales from Marvell’s Trainium chips, especially to major clients like Amazon and Microsoft. Oppenheimer forecasts $2 billion in custom chip sales in 2023, with total revenue projections exceeding $11 billion in 2026 and $15 billion in 2027. Additionally, Marvell currently has a backlog of $225 billion in Trainium orders, with potential sales reaching $6 billion in 2027 and 2028.
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