The rally also tracked broader strength across AI and semiconductor stocks.Oppenheimer Sees Upside From AI Networking, Custom ChipsOppenheimer raised its price forecast on Marvell to $200 from $170 while maintaining an Outperform rating.The firm expects strong earnings driven by AI networking demand and custom ASIC growth as hyperscalers continue scaling data center infrastructure.Oppenheimer said Marvell’s optics business has compounded at roughly 50% annually over the past five years and could grow more than 60% this year.RBC Capital Highlights Optical Business StrengthRBC Capital lifted its Marvell forecast to $200 from $170 while maintaining an Outperform rating.RBC pointed to continued strength in Marvell’s optical networking business as AI data center demand expands.The firm also expects Marvell to deliver a modest earnings beat supported by sustained AI infrastructure spending.Wells Fargo Bets On AWS Trainium ExpansionWells Fargo increased its price forecast to $195 from $135 and maintained an Overweight rating.The bank said expanding AWS Trainium deployments could significantly accelerate Marvell’s Custom XPU revenue growth over the next several years.Wells Fargo also expects additional upside from Microsoft Maia and AI-related commitments tied to OpenAI and Anthropic.Evercore ISI Points To AI Networking DemandEvercore ISI raised its Marvell forecast to $155 from $133 while reiterating an Outperform rating.The firm’s channel checks showed strong AI networking demand and ongoing supply constraints across the semiconductor ecosystem.Evercore also said hyperscalers are increasingly focusing on internally developed ASICs and alternative AI accelerators as inference workloads grow.Melius Research Raises Long-Term OutlookMelius Research analyst Ben Reitzes raised Marvell’s forecast to $220 from $140 while maintaining a Buy rating.Reitzes said AI semiconductor and memory companies continue benefiting from rising infrastructure spending and long-term demand bottlenecks.He also argued that semiconductor companies could capture more long-term market value growth than traditional software firms.CLSA Upgrades Marvell On AI Compute DemandCLSA upgraded Marvell from Hold to Outperform as part of a broader bullish call on semiconductor stocks.The brokerage said worsening AI compute shortages and rising chip-leasing prices continue to support long-term semiconductor demand.Marvell Earnings & Analyst OutlookThe countdown is on: Marvell is set to report earnings on May 27, 2026 (confirmed).