As Marvell Technology, Inc. (NASDAQ: MRVL) stock surges ahead of its confirmed June 22 entry into the S&P 500, KeyBanc has issued a bullish price target for the next 12 months.

On June 18, the firm raised its target to $385 from $260 while reiterating an Overweight rating. The new figure implies roughly 19% upside from MRVL’s price of $323.05 at press time.

The price target hike reflects KeyBanc’s growing conviction in Marvell’s data center networking opportunity. Following recent investor meetings with the company, analyst John Vinh sees silicon photonics and the acquisition of Celestial AI helping Marvell differentiate.

Vinh argues that networking should increasingly be a focus for investors, viewing it as more durable than custom XPUs. While Marvell has a clear path to $10 billion in custom XPU revenue by FY29, the analyst sees the long-term sustainability of that business as less certain.

Meanwhile, Wall Street analysts have set the highest price target for MRVL stock at $385, an average target at $256.81, and the lowest at $180, according to data from TipRanks.

Marvell stock hits a new all-time high

Amid the bullish sentiment for Marvell due to the rising demand for artificial intelligence (AI), MRVL stock surged to the highest level on Thursday. Year-to-date (YTD), Marvel stock has rallied more than 280%, reaching an all-time high (ATH) of about $323.05 at the time of reporting.

As such, the company had a market capitalization of approximately $253.3 billion at the time of publication. If the MRVL stock maintains the YTD’s bullish outlook, KeyBanc’s price target for the next 12 months could be achieved.

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