NOK, INTC, MRVL Stocks Hit 52-Week Highs: What’s Driving The Rally?

• All three stocks hit record highs on Monday, with Stocktwits sentiment climbing to ‘extremely bullish.’
• Tech stocks, including software and semiconductor names, gained sharply in a relief rally as investors traded on hopes of a resolution to the Middle East war.
• Year to date, INTC is up 76%, NOK is up 61%, and MRVL is up 54%.

Shares of Nokia Corp., Intel Corp., and Marvell Technology Inc. hit fresh 52-week intraday highs on Monday amid a broad-based market rebound as investors traded on hopes that a resolution to the Middle East conflict is on the horizon.

Company-specific catalysts also supported the gains: Nokia unveiled a new low-cost enterprise connectivity solution, while analysts raised price targets on Intel and Marvell following sharp rallies in recent days.

What’s Driving NOK, INTC, MRVL Higher?

Nokia shares rallied 9.6% to $10.37, their best performance in over five months. The Finnish telecom equipment major launched a LAN solution developed in partnership with Ruckus Networks. 

It integrates Wi-Fi 7 and fiber-optic technology to deliver high-bandwidth, low-latency performance while being cost- and energy-efficient, Nokia said, adding that active trials with multiple tier-1 customers across North America and Asia have shown strong results.

Bank of America raised its rating on NOK to ‘Buy’ from ‘Neutral’ and raised its price target to $12.40 from $7.96. The target implies a 20% upside from the stock’s last close.

Nokia is transforming into an "optical powerhouse with a European advantage," BofA said in an investor note, arguing that the company’s acquisition of Infinera and CEO change last year offer upside visibility.

Intel shares rose 4.5% to $65.18, a fresh record. The stock has climbed for nine straight sessions, cumulatively rising nearly 60%, leaving investors stunned. Until mid-last year, Intel was in the doldrums, having fallen well behind Nvidia in data center chips while grappling with a struggling foundry business.

Several brokerages have raised their price targets on the stock in recent days. On Monday, Northland raised the target to $92 from $54 (x% upside projection) and kept an ‘Outperform’ rating on the stock.

Intel's recent deals with the U.S. government, Nvidia, Tesla, and Google highlight its "strategic importance as 1 of the 3 remaining leading logic chipmakers" at a time when there is a shortage of leading-edge logic capacity, and Taiwan is at risk of reunifying with China, potentially limiting access to TSMC (TSM), Northland said in an investor note.

Marvell shares gained 2.2% to $131.30, a fresh high. They have gained nearly 50% so far this month.

The company is among the beneficiaries of the datacenter infrastructure buildout by Meta, Amazon, Microsoft, and Google. Marvell’s optical networking solutions – seen as superior in terms of speed and latency in data centers – and a recent $2 billion investment from Nvidia have catapulted the stock to the spotlight.

On Monday, B. Riley raised its price target on MRVL to $156 from $135, keeping a ‘Buy’ rating. The research firm said that its checks on TSMC’s supply chain and latest results showed "lateral benefits" to Marvell.

What Retail Traders Think About NOK, INTC, MRVL?

On Stocktwits, the retail sentiment for all three stocks has climbed in the last few days and was ‘extremely bullish’ as of early Tuesday.

More traders appeared to be booking profits and taking short positions on Intel. “$INTC I shorted 5% of my budget on Intel at 50$, another 10% at 55$ another 15% at 60$ and now just shorted another 20% at 65$, still have 50% so ready to keep shorting,” said a user.

Others believe there is more room. “$MRVL semi space still strong dips getting bought but needs follow through above recent highs,” said a user.

Year to date, INTC is up 76%, NOK is up 61%, and MRVL is up 54%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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