On August 27, Marvell Technology rose 4.36% overnight, trading at $257.01/share, with turnover of $991,900.

On the news front, Susquehanna raised its target price on Marvell Technology from $230 to $265 ahead of the company's fiscal Q2 earnings release scheduled for after market close on August 27, citing strong AI custom chip business growth. The firm noted that AWS has increased its capital expenditure 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 custom business target of $10 billion, implying significant acceleration from the estimated $4 billion in fiscal 2028.

The upgrade follows a wave of institutional target price raises in recent days, including Wells Fargo to $310, HSBC to $325, Rosenblatt to $300, UBS to $310, and Oppenheimer to $300, with the consensus mean target at approximately $277, well above the current price. Market consensus expects Q2 revenue of approximately $2.707 billion, representing 34.74% year-over-year growth, with RBC anticipating a slight beat and a 2-4% raise to Q3 guidance.

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