On Thursday, Marvell Technology (MRVL) named Adobe’s (ADBE) finance head, Dan Durn, as its new CFO, succeeding Willem Meintjes, who is stepping down after more than three years in the role. The CFO change comes as the company benefits from demand for its custom AI chips and networking products. B. Riley analyst Craig Ellis reiterated a Buy rating on MRVL stock and raised his price target by nearly 44% to $345 from $240. The analyst views the “strong” CFO appointment as another favorable development following CEO Matthew Murphy’s Computex keynote, where he was joined by Nvidia (NVDA) CEO Jensen Huang, and the news of MRVL’s inclusion in the S&P 500 Index (SPX).Introducing TipRanks MCP for Agents Deliver institutional-grade market data directly into Claude, ChatGPT, Cursor, and other MCP-compatible AI tools. Designed for personal research, portfolio monitoring, and AI-assisted investment workflows.
B. Riley Analyst Is Bullish on MRVL Stock
Ellis believes that the joint CEO appearance at the Computex event indicates that Nvidia’s partnership with Marvell has expanded quickly. Notably, the two companies are collaborating on custom AI chips, NVLink Fusion, as well as Celestial and in-house optics. Moreover, the 5-star analyst noted that Huang’s statement that Marvell is “the next $1 trillion company” bodes well for its expanded SAM (serviceable addressable market) revenue conversion.
