This Semiconductor Stock Is Up Over 50% In A Month, But Oppenheimer Sees Further 27% Upside — Here's Why

• Oppenheimer stated that its price target hike for MRVL was based on an investor meeting hosted by Marvell.
• The firm stated that the tone of discussions with Marvell was “unequivocally bullish,” driven primarily by the accelerated growth outlook for the data center AI networking infrastructure and ASIC segments.
• Oppenheimer sees Marvell increasing its share across core networking markets amid the ongoing AI infrastructure ramp.

Shares of Marvell Technology Inc. (MRVL) are up more than 52% over the past month, with the MRVL stock hitting a new 52-week high on Tuesday. However, analysts at Oppenheimer see further upside for the AI stock.

According to TheFly, Oppenheimer analysts hiked their price target for Marvell to $170 from $150, implying an upside of 27% from Tuesday’s closing price. The firm has an ‘Outperform’ rating on Marvell.

Marvell shares edged up by 0.2% in Wednesday’s opening trade after closing 2% higher on Tuesday.

Why Is Oppenheimer Bullish On Marvell?

Oppenheimer stated that its price target hike for MRVL was based on an investor meeting hosted by Marvell.

The firm stated that the tone of discussions with Marvell was “unequivocally bullish,” driven by the accelerated growth outlook for data center AI networking infrastructure and the application-specific integrated circuit (ASIC) segments.

Oppenheimer sees Marvell increasing its share across core networking markets amid the ongoing AI infrastructure ramp.

According to a CNBC report, Oppenheimer sees Marvell’s revenue in the networking interconnects segment growing by 50% to $5 billion in 2026. It also expects the company to bring in revenue of more than $600 million from sales of its networking switches, and more than $2 billion from ASICs.

Earlier this week, analysts at B Riley hiked their price target for MRVL to $156 from $135, while keeping a ‘Buy’ rating on the stock. The firm stated that Taiwan Semiconductor’s initial sales reading for the second quarter (Q2) has “lateral benefits” for Marvell.

According to Koyfin data, 43 analysts covering the Marvell stock have a 12-month average price target of $125.67. Of these, 36 analysts have a ‘Strong Buy’ or ‘Buy’ rating, while seven have a ‘Hold’ suggestion.

Marvell Secures $2B Investment From Nvidia

Marvell secured a $2 billion investment from AI bellwether Nvidia Corp. (NVDA) in March. As part of a strategic partnership between the two companies, Nvidia stated that it will connect Marvell to its AI factory and AI-RAN ecosystem through NVLink Fusion.

The company stated that this partnership will allow customers using Nvidia hardware a greater choice and flexibility in developing next-generation infrastructure. The two companies will also collaborate on silicon photonics technology.

How Did Retail Traders React?

Retail sentiment on Stocktwits around Marvell trended in the ‘bullish’ territory, with message volumes at ‘extremely high’ levels at the time of writing.

One user stated that the MRVL stock is still one of the “most concrete” stocks to buy that is not too expensive.

MRVL stock is up 57% year-to-date and 156% over the past 12 months. The Vanguard Total Stock Market Index Fund ETF (VTI) is up 30% over the past 12 months, while the Invesco QQQ Trust (QQQ) is up 37%.

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