Marvell Technology's stock surged 5.1% in pre-market trading on Thursday, fueled by a new Buy rating from Bank of America Securities analyst Vivek Arya and optimism surrounding the chip industry's prospects driven by the AI boom.
The analyst reiterated a Buy rating on Marvell and set a price target of $150, indicating significant upside potential. Arya's positive outlook on the semiconductor company likely contributed to the stock's strong performance in the pre-market session.
Additionally, chip stocks rallied in pre-market trading, with Broadcom gaining 5%, the SOXL semiconductor ETF up 3.9%, and ASML, Marvell, and Applied Materials all seeing gains. This broad-based strength in the chip sector, fueled by robust demand for AI-related products and services, may have further boosted investor sentiment towards Marvell.
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