Optical stocks shined on Thursday. Corning, Marvell up around 6%; Astera Labs, Coherent up over 3%; Ciena, Fabrinet up over 1%.

KeyBanc Capital Markets analysts, led by John Vinh, late Wednesday raised their Marvell stock price target by 48% to $385 from $260 and reaffirmed an Overweight rating. The new price target is 33% higher than Wednesday's closing price of $289.54.

Marvell stock has advanced 51% in June, part of a 263% gain this year, according to Dow Jones Market Data.

The price target hike came a couple weeks after Nvidia CEO Jensen Huang said he believes that Marvell can achieve a market value of more than $1 trillion.

While Marvell remains well below that level, with a current market capitalization of $27.1 billion, KeyBanc's 48% price target hike is certainly a good sign for investors.

NVIDIA CEO Jensen Huang and Coherent CEO Jim Anderson jointly attended the groundbreaking ceremony for the company's indium phosphide wafer fabrication facility expansion in Sherman, Texas.

The project focuses on 6-inch indium phosphide wafers and optical interconnect capacity, with production area set to double and wafer capacity to increase fourfold upon completion. Simultaneously, the company announced securing $50 million in dedicated funding under the U.S. CHIPS Act, formalized through a preliminary agreement with the Department of Commerce.