Marvell Technology Inc (NASDAQ:MRVL) shares are under pressure on Tuesday after several analysts trimmed their price targets.
Analysts Lower Price Targets
UBS analyst Timothy Arcuri kept a Buy rating on Marvell but lowered his price target from $120 to $115. Rosenblatt's Kevin Cassidy followed suit, maintaining a Buy while cutting his target to $115.
Needham analyst Quinn Bolton also reiterated a Buy rating and reduced his target from $120 to $118. Bolton noted that Marvell’s acquisition of Celestial AI isn't expected to meaningfully contribute to revenue until the second half of fiscal 2028.
From there, he expects revenue to double to a $1 billion annualized run rate by the fourth-quarter of fiscal 2029. To account for added operating expenses, Bolton lowered his non‑GAAP earnings estimates for fiscal 2027 from $3.60 to $3.40 per share and for fiscal 2028 from $4.85 to $4.70 per share.
Benchmark analyst Cody Acree reaffirmed a Hold rating. He noted that Marvell anticipates only a modest revenue contribution from the acquisition in the third quarter of 2028, ramping to about $125 million in the fourth quarter — an annualized run rate of roughly $500 million.
The analyst updates come after Marvell announced that it completed its acquisition of Celestial AI on Monday, and disclosed the expected financial impact.
Technical Picture Shows Continued Weakness
Currently, Marvell is trading 11.2% below its 20-day simple moving average (SMA) and 13.3% below its 100-day SMA, indicating a bearish short-term trend. Over the past 12 months, shares have decreased by 35.41%, and they are positioned closer to their 52-week lows than highs, suggesting ongoing weakness.
The RSI is at 39.27, indicating neutral territory, while the MACD is below its signal line, reinforcing bearish pressure on the stock. This combination of indicators suggests mixed momentum, reflecting the stock’s struggle in the current market environment.
- Key Resistance: $75.50
- Key Support: $68.50
As traders watch for potential rebounds, the key support level at $68.50 will be crucial in determining whether the stock can stabilize or if further declines are likely. The current technical setup highlights the importance of monitoring these levels closely.
MRVL Price Action: Marvell shares were down 7.26% at $73.04 at the time of publication on Tuesday, according to Benzinga Pro.
Image: JHVEPhoto/Shutterstock
