Marvell Technology’s (MRVL) stock rise topped all Nasdaq 100 gainers Wednesday after the chipmaker posted a current-quarterly forecast that significantly exceeded Wall Street expectations.
Late Tuesday, the company called for fiscal 2025 fourth-quarter revenue of $1.8 billion, plus or minus 5%, powering 26% growth year-over-year and well above the analyst consensus of $1.65 billion from Visible Alpha.
Chief Executive Officer (CEO) Matt Murphy said the forecast was “driven by our custom AI silicon programs,” which are now in volume production.
On the company’s earnings call, Murphy noted that Marvell was on track to exceed its previous expectation that artificial intelligence (AI) network and custom processor chip sales would reach $2.5 billion by fiscal 2026.
Shares of Marvell jumped about 23% Wednesday and have nearly doubled in 2024.
Bank of America (BofA) analysts in a report Wednesday maintained a “buy” ratingand upped their price target to $125 from $108, which is at a roughly 6% …