Marvell Technology (MRVL.US) is scheduled to release its latest quarterly results before the market opens on Thursday. Ahead of the earnings report, numerous Wall Street analysts have raised their price targets for the company.

HSBC analyst Frank Lee upgraded Marvell's rating from "Hold" to "Buy," significantly increasing the price target from $85 to $300. Lee cited an emerging "supercycle" in artificial intelligence (AI) networking as the core reason, positioning the company as a key beneficiary. In a client note, Lee stated, "Despite Marvell's stock having rallied 124% since March 30, and with its upcoming Q1 FY2027 earnings unlikely to deliver major positive surprises, we believe the market continues to undervalue the revenue growth from the optical interconnect business. This should drive upward revisions to consensus estimates over the next two years. Furthermore, we believe the ongoing memory shortage related to AI CPU demand could lead to potential upside in the total addressable market (TAM) for compute express links." Lee added that as AI clusters expand into multi-rack AI factories, accelerating the shift to optical interconnects, Marvell is poised to be a "key beneficiary." He highlighted Marvell's leadership in 800G and 1.6T digital signal processors (DSPs), which act as the "brains" for high-speed optical modules. "Marvell dominates the DSP market, and with a 1:1 attach rate to optical transceivers, we believe it can at least grow in line with the industry average," Lee noted.

Citigroup analyst Atif Malik raised his price target for Marvell by 82%, from $118 to $215, while reiterating a "Buy" rating. Malik pointed to surging demand for Amazon's Trainium 2 AI accelerator as a core earnings driver. Marvell collaborated with Amazon Web Services to design the Trainium 2 chip, establishing a direct and deepening revenue relationship with one of the world's largest AI spenders.

Echoing this sentiment, Wells Fargo increased its price target from $135 to $195, citing an imminent major expansion of AWS Trainium and noting an existing backlog of $225 billion related to the product. Wells Fargo projected that Trainium-related revenue could reach $6 billion in FY2027 and FY2028, with potential to double if prices increase.

Stifel also raised its price target from $140 to $210, maintaining a "Buy" rating. Analysts at Stifel stated that Marvell's partnership with Nvidia and increased capital expenditure from hyperscale data centers solidify its growth momentum in the data center segment. They expect the company to exceed expectations when it reports quarterly results.

Additionally, on Tuesday, Morgan Stanley and Susquehanna raised their price targets to $172 (from $103) and $230 (from $100), respectively. On May 13, BofA Securities significantly increased its target from $125 to $200, maintained a "Buy" rating, and listed Marvell as a "Top Pick."

Wall Street's consensus rating for Marvell Technology is a "Strong Buy," based on 23 "Buy" ratings and 4 "Hold" ratings issued over the past three months. The stock has surged over 130% year-to-date and approximately 109% since January, raising questions about whether the rally can continue or if the upside has already been priced in. The upcoming Q1 earnings report will be closely watched to see if Trainium momentum translates into metrics strong enough to justify the wave of analyst upgrades.