Marvell Technology Stock (MRVL) Surges 24% in March — Is 50% Upside Still Ahead?

Marvell Technology’s MRVL +0.37% ▲ stock delivered its strongest monthly gain in years. The stock has jumped almost 24% in March and is now up about 26% year to date. The rally has been driven by strong Q4 FY26 earnings, rising demand for custom silicon chips, along with fresh momentum from its latest partnership and investment tied to Nvidia NVDA +0.93% ▲ . Looking ahead, analysts continue to rate MRVL stock a Strong Buy, with the bull case pointing to more than 50% upside. The long-term story for Marvell still looks strong, especially if AI spending holds up. But after the recent surge, the stock may be more volatile, and investors may want to watch entry points more carefully.

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For context, Marvell Technology designs chips for networking, storage, and data infrastructure.

Is the Bull Case for MRVL Still Intact After the Rally?

The bull case for Marvell is still largely intact, driven by one key factor: AI demand. As demand for AI infrastructure rises, the company is well-positioned thanks to its strength in data centers, custom chips, and high-speed connectivity.

The near-term outlook also looks solid. Marvell expects first-quarter FY27 earnings of about $0.79 per share on revenue of $2.40 billion. That’s ahead of Wall Street estimates, which were closer to $0.74 per share and $2.28 billion in revenue.

A big part of the bullish outlook also comes from its partnership with Nvidia. This deal puts Marvell at the center of the AI buildout, where demand for faster data movement and advanced chip solutions is rising fast. Notably, RBC’s five-star-rated analyst Srini Pajjuri stated Nvidia’s investment is a positive move, helping Marvell strengthen its lead in high-speed optical connections for data centers.

Craig-Hallum’s Street-High Price Target for MRVL Stock

Craig-Hallum five-star-rated analyst, Christian Schwab, has the highest price target on MRVL stock at $164. He is bullish due to strong data center demand, which is driving higher revenue expectations for both the current and next fiscal years. Marvell’s solid 45% revenue growth over the past 12 months adds to this confidence.

Based on this momentum, he raised his fiscal 2027 revenue estimate to $10.82 billion (from $10.05 billion) and increased its earnings per share forecast to $3.78 (from $3.35).

Is MRVL a Good Stock to Buy?

According to TipRanks, MRVL stock has a Strong Buy consensus rating based on 23 Buys and five Holds assigned in the last three months. At $120.48 the Marvell average share price target implies a 12.5% upside potential.

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