Marvell Stock Surges 7.27% on Thursday as KeyBanc Raises Price Target to $385

According to KeyBanc, Marvell Technology shares surged 7.27% higher on Thursday (June 18), with the stock hitting a near 14% intraday peak. The firm raised its price target on MRVL to $385 from $260, maintaining an Overweight rating and implying 26% upside from Thursday's close.

KeyBanc said recent investor meetings left it more constructive on Marvell's positioning in AI infrastructure and data center networking. The firm highlighted networking as a durable growth driver for the company. Marvell's planned acquisition of Celestial AI, announced last year, is also viewed as a potential long-term differentiator; Celestial AI's Photonic Fabric technology connects AI processors using light instead of copper wiring.