Marvell Technology (NASDAQ: MRVL) climbed over two percent on Thursday, extending a roughly 15 percent gain over the prior five trading sessions as Wall Street analysts continued to reprice the stock ahead of its fiscal Q1 2027 earnings on May 27.
Citi Bank analyst Atif Malik raised his price target from $118 to $215, an 82 percent increase, while reaffirming his Buy rating and pointing to surging demand for Amazon’s Trainium 2 AI accelerators as the core earnings driver.
Marvell co-designed the Trainium 2 chip in partnership with Amazon Web Services, giving it a direct and deepening revenue relationship with one of the largest AI spenders on the planet.
Wells Fargo lifted its target from $135 to $195 on the same thesis, citing what it described as significant AWS Trainium expansion ahead and noting a $225 billion existing backlog tied to the product.
Oppenheimer moved its target from $170 to $200, and Melius Research made the most aggressive call earlier in the week, raising its target from $140 to $220.
Wells Fargo forecasts Trainium-related revenue could reach $6 billion in 2027 and 2028, with the potential to double if pricing moves higher.
Oppenheimer projects total Marvell revenue exceeding $11 billion in 2026 and $15 billion in 2027, representing 34 percent and 36 percent growth respectively.
Across Wall Street, Marvell carries a Strong Buy consensus rating based on 23 Buy ratings and four Holds issued over the past three months.
The stock has more than doubled year to date, gaining roughly 109 percent since January, raising the question of whether the rally still has legs or whether the upside is already priced.
With Q1 earnings due next week, the market will be watching whether the Trainium narrative translates into numbers that justify the multiple wave of analyst upgrades.
