As Marvell Technology, Inc. (NASDAQ: MRVL) stock fell by more than 5% over the past 30 days through September 18, 2026, Joseph Moore, a Wall Street analyst at Morgan Stanley (NYSE: MS), expects less upside over the next 12 months.
Moore maintained a ‘Hold’ rating for MRVL stock, according to a note sent to clients on Friday. He also reaffirmed the bank’s 12-month price target for Marvell stock at $246, thereby signaling a potential upside of 3.96%.
Morgan Stanley based its ‘Hold’ rating on the fact that the MRVL stock traded at more than twice the valuation multiple of peer leaders, including Broadcom Inc. (NASDAQ: AVGO) and Nvidia Corp. (NASDAQ: NVDA). As such, this analyst argued that the company’s elevated valuation leaves insufficient room for further expansion over the next 12 months.
He highlighted that although Marvell has accelerated its data center growth outlook to approximately 60% for calendar year 2027 and continues to expand its position in artificial intelligence (AI) infrastructure through XPU attach, optical connectivity, and scale-up networking, these positive developments are already fully reflected in elevated market expectations.
Is Marvell a good stock to buy?
At the time of writing, 27 Wall Street analysts surveyed by TipRanks over the last three months have set an average rating of ‘Strong Buy’ for Marvell stock
These analysts have set an average price target for MRVL at $398.38. The highest price target for MRVL from these experts is $400, while the lowest is $220.
MRVL price performance
Over the past 12 months, MRVL stock has rallied more than 218%, trading at $236.62 at the time of publication. As a result, this company has a market capitalization of approximately $216.4 billion.
If Marvell stock continues to benefit from the AI boom, the analysts’ targets could be achieved.
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