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Claire Yubin Oh

Marvell rises after strong Cisco earnings and price target hikes from Bank of America and Goldman Sachs analysts

Marvell Technology is enjoying another bump in its stock in early trading on Thursday following a series of target hikes from Wall Street analysts and strong read-across from Cisco, which is surging after reporting an earnings beat and boosting guidance.

Ahead of Marvell’s Q1 2027 earnings, expected to be released on May 27, Bank of America’s Vivek Arya raised the chipmaker’s price target to $200, from $125, while maintaining a “buy” rating on Wednesday. Calling the chipmaker a “top pick,” Arya highlighted the growing potential of AI data centers’ total addressable market, or future market size, as well as the role of AI networking — the hardware that powers data transfers between chips, optical components, and servers, which MRVL specializes in, and has been bringing in deals from big clients like Nvidia — in that expansion.

Goldman Sachs analysts took a more cautious stance in a Wednesday note, sticking to its “neutral” rating despite bumping its 12-month price target to $125, from $100 previously, as well as hiking its FY27/28 earnings-per-share estimates by 5%. The analysts, led by James Schneider, expect “upside to Marvell’s Datacenter business driven by higher hyperscaler CapEx, upside in its optical networking business, and a potential new Google partnership,” while noting the potential risk in a slowdown in overall AI spending, or the loss market share in custom compute, as reasons for the overall “neutral” rating.

MRVL is rated as “buy” by 86% of the 50 Wall Street analyst recommendations compiled by Bloomberg, with the remaining seven analysts rating it as “hold.” Late Tuesday, Advanced Micro Devices disclosed in a quarterly filing that it had increased its small stake in Marvell, worth ~$6.5 million at the end of March.

Elsewhere, Cisco jumped on a solid earnings beat and better-than-expected guidance. Both Cisco and Marvell are exposed to the network fabric around AI compute and the data center build-out, but Marvell focuses more on custom chips, while Cisco is exposed to the build-out of switching and routing for AI/GPU cluster networks.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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Paige Oamek

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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