On August 27, Marvell Technology rose 3.66% in after-hours trading, trading at $254.07/share, with turnover of $5.49 billion.

On the news front, Susquehanna raised its target price on Marvell Technology from $230 to $265 ahead of the company's fiscal Q2 earnings report, citing robust AI custom chip business growth. The firm noted that AWS has raised its capex guidance for Marvell's custom XPU business from $2.0 billion to $2.2 billion, with the increase largely driven by rising memory costs. Marvell maintains its fiscal 2029 target of $100 billion in custom business revenue. Additionally, multiple Wall Street firms have recently raised their targets, including Wells Fargo to $310, HSBC to $325, Rosenblatt to $300, and Oppenheimer to $300, with the consensus mean target reaching $277.37. RBC expects the company to deliver a slight Q2 beat and raise Q3 guidance, driven primarily by optical networking strength.

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