BofA Maintains Buy Rating on Marvell Technology (MRVL) Stock

On May 30, BofA analyst Vivek Arya reiterated a Buy rating on Marvell Technology, Inc. (NASDAQ:MRVL), retaining the price target of $72.00. The rating update came after the company’s fiscal Q1 2026 earnings release on May 29.

One of the primary reasons behind the optimistic rating was Marvell Technology, Inc.’s (NASDAQ:MRVL) reaffirmation of its involvement in key custom chip programs. These include multiple generations of custom chips with Microsoft and a 3nm Amazon custom-chip initiative, both of which are set to commence in CY26.

A macro view of a 5G/4G chips and modules, displaying the cutting edge technology of the company.

The analyst expects these initiatives to support the company’s sales growth trajectory, delivering an expected 32% year-over-year growth in the AI sector by CY26 and notably outperforming its peers.

Arya also noted that Marvell Technology, Inc. (NASDAQ:MRVL) secured key 3nm wafer and advanced packaging capacity for next-generation AI training projects in conjunction with AWS. These initiatives suggest strong potential for growth in the years to come, according to the analyst.

Marvell Technology, Inc. (NASDAQ:MRVL) designs, develops, and sells integrated circuits. Its offerings include security solutions, data processing units, automotive, ethernet controllers, fiber channels, ethernet PHYs, and various others.

While we acknowledge the potential of MRVL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MRVL and that has 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None.