Marvell Technology has been on a tear this year, and its shares should only continue to climb as the company gears up to post its latest quarterly financial results, according to Wells Fargo. The investment bank has an overweight rating on the chipmaker. It hiked its price target to $310 from $240, suggesting nearly 31% upside from Friday’s close. “We view MRVL as more of an idiosyncratic chip company, one that outperforms the overall chip industry growth rate in good and bad times,” analyst Aaron Rakers said Monday in a note to clients. “MRVL is in a position to grow revenue at a 15-20% pace over the long term. In addition to this superior revenue growth, we see an opportunity to build on leading operating margins as the company grows in scale.” Shares of Marvell have surged 179% in 2026 as demand for data center infrastructure has accelerated amid the artificial intelligence boom. But, the impact of that tailwind is not only limited to its stock price. MRVL YTD mountain Shares are up 179% in 2026. Marvell could clock revenue of $2.709 billion for the second quarter, up 35% year over year, according to analysts polled by LSEG. The company is also expected to report earnings of 92 cents per share for the same period, representing a nearly 38% increase from the same quarter a year ago. For the fiscal year, analysts expect Marvell to report a more than 40% increase each in revenue and earnings per share on a year-over-year basis. The company is slated to report its second-quarter earnings on Thursday.Rakers also noted that Marvell should get a boost from its recent deal with Google. Last week, Marvell Technology struck an agreement with Google to develop custom chips, according to the company’s filing with securities regulators dated August 18. Under the agreement, the hyperscaler would gain the right to purchase up to $12.2 billion of its shares. The news sent shares of Marvell 10% higher on Wednesday. ” MRVL shares solidly outperformed last week … following last week’s GOOGL announcement, which we view as a significant incremental positive,” Rakers wrote. “We believe there is more upside as we now see [a] path to +$11/sh. [earnings per share] in [fiscal year 2029].” Wells Fargo call falls in line with consensus on Wall Street. Of the 44 analysts covering Marvell, 38 have a buy or strong buy on the stock, LSEG data shows.
