Marvell Technology shares jump 5.9% after multiple Wall Street analysts raise price targets citing strong AI chip demand

Analysts from Citigroup, Oppenheimer, Wells Fargo, and Melius Research raised price targets ahead of Marvell's earnings report, highlighting accelerating demand for AI infrastructure and custom processors, particularly strong sales of Trainium chips to Amazon.

Oppenheimer forecasts custom chip sales could reach $2 billion in the current year, and analysts pointed to a significant sales backlog for the Trainium product line.

Shares initially jumped 5.9% in afternoon trading, then cooled to $183.52, up 3.9% from previous close. Marvell is up 105% since the beginning of the year and has set a new 52-week high.