As it turned out, by the morning of Tuesday, August 25, the news regarding a massive deal between Marvell (NASDAQ: MRVL) and Google’s parent company, Alphabet (NASDAQ: GOOGL), impressed both investors and Wall Street analysts.
Indeed, just days after the equity temporarily soared 10% on the announcement, MRVL shares received multiple – and almost universally positive – expert rating revisions. In the first two days of the week that started on Monday, August 24, Marvell stock saw five new analyst notes.
Wells Fargo (NYSE: WFC) raised its 12-month outlook from $240 to $310, and Rosenblatt Securities was almost as bullish, with an increase from $240 to $300.
Meanwhile, JPMorgan (NYSE: JPM) also rated MRVL stock as a ‘Buy,’ though without a price target, and Susquehanna’s Christopher Rolland dropped his previous $230 estimate in favor of a significantly higher $260.
Joseph Moore from Morgan Stanley (NYSE: MS) was the outlier in the week’s first two days as he issued a ‘Hold’ recommendation for Marvell shares, though he also increased his MRVL 12-month stock price target from $195 to $224.
Analysts predict Marvell stock price
Zooming out, the most recent forecast revisions are largely consistent with the consensus that emerged during the previous three months. Specifically, Marvell stock is considered a ‘Strong Buy’ by Wall Street and boasts twenty-four positive, five neutral, and no ‘Sell’ ratings.
Furthermore, MRVL shares are, on average, expected to rally 26.98% in the next 12 months and reach $291.15 by August 2027, per the data Finbold retrieved from TipRanks on Tuesday, August 25.
Marvell stock price performance
Elsewhere, the Google partnership enabled Marvell stock to regain some of its positive summer momentum – originally strengthened by Nvidia (NASDAQ: NVDA) CEO Jensen Huang estimating it could be the world’s next $1 trillion company – taking it 21.21% higher in the monthly and 4.16% higher in the weekly chart.
Additionally, the Tuesday pre-market reignited the rally and, by press time, featured a 3.05% extended session rally to $236.29.
Notably, however, MRVL shares are roughly 30% below the $329.88 highs recorded in early June, despite retaining their substantial 156.51% year-to-date (YTD) gains.
Featured image via Shutterstock
