Wall Street is turning more bullish on shares of Marvell Technology in the wake of a strong earnings report. Shares popped more than 13% in the premarket after the integrated circuit maker surpassed third-quarter estimates after the bell Tuesday and issued upbeat revenue guidance. The findings prompted a slew of Wall Street firms to lift their respective price targets on the semiconductor. JPMorgan analyst Harlan Sur moved his forecast to $130 a share, reflecting nearly 36% upside. “The company’s cyclical businesses are now inflecting higher and the AI / cyclical tailwinds will continue into CY25, in our view, and catalyzing a multi-quarter period of positive EPS revisions,” wrote Sur, who has an overweight rating on the stock. Shares have rallied 59% this year as investors ramp up beats on all things tied to artificial intelligence. The average price target according implies 17% upside from Tuesday’s close, according to FactSet. MRVL YTD mountain MRVL year to date Citi’s Atif Malik referred to the stock as the “top custom AI chip play” for 2025 as he lifted his price target to $112 from $91, while Morgan Stanley analyst Joseph Moore boosted his objective to $102 a share, citing a strong customer application specific integrated circuit setup. Malik has a buy rating on shares, while Moore rates them as equal weight. “Marvell posted a good quarter and a stronger outlook, driven in our view mostly by strong builds of Trainium 2 for Amazon,” Moore wrote. “Near term momentum should persist, but high valuation and 2026 headwind potential keeps us EW.” Bank of America’s Vivek Arya upped his target to $125, citing a strong product pipeline and devoted management team. He also boosted earnings per share estimates for upcoming years to reflect the bullish stance, seeing the potential for the figure to exceed $5 a share by 2027. “While bears may complain about [gross margin] pressure as mix shifts to custom chips, the net result is still accretive to operating income and EPS in our view,” said Arya, who maintained his buy rating on shares.