Wall Street sets Marvell stock price for next 12 months

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. Wall Street sets Marvell stock price for the next 12 months. Source: TipRanks 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. Marvell stock price one-month chart. Source: Google 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