Marvell Stock Jumps 179% in 2026, Wells Fargo Raises Price Target to $310 and Projects Further Gains

Marvell Technology has been on a strong rally this year, and analysts at Wells Fargo believe the momentum will continue as the chipmaker prepares to release its latest quarterly results. The investment bank upgraded its price target on the stock to $310 from $240, indicating roughly a 31% upside from Friday’s closing price. “We see MRVL as an idiosyncratic chip company that outperforms the broader semiconductor sector in both favorable and challenging conditions,” analyst Aaron Rakers wrote in a note to clients on Monday. He added that Marvell is positioned to deliver 15‑20% long‑term revenue growth and to expand its already strong operating margins as the business scales.

Demand for data‑center infrastructure, fueled by the artificial‑intelligence boom, has driven Marvell’s share price up 179% in 2026. For the second quarter, the company is projected to generate $2.709 billion in revenue, a 35% year‑over‑year increase, and earnings of 92 cents per share, up nearly 38% from the same quarter last year. Analysts polled by LSEG also expect more than a 40% year‑over‑year rise in both revenue and earnings per share for the full fiscal year. Marvell is scheduled to report its Q2 earnings on Thursday.

Recent strategic activity has added to the bullish sentiment. Late last week, Marvell announced a partnership with Google to develop custom chips. Under the agreement, dated August 18, Google gained the right to purchase up to $12.2 billion of Marvell’s shares. The deal sent Marvell’s stock up about 10% on Wednesday. Rakers described the Google announcement as “a significant incremental positive” and said the company now has a path to $11 per share and earnings of around $11 in fiscal year 2029. Wells Fargo’s stance aligns with broader Wall Street consensus: of the 44 analysts covering Marvell, 38 have issued buy or strong‑buy ratings, according to LSEG data.

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