Marvell Gains on Piper Sandler Coverage Initiation; Broadcom and NVIDIA Rise Modestly
Marvell Technology (NASDAQ:MRVL) rose approximately 5% to $237.69 following an initiation of coverage by Piper Sandler with a bullish price target of $270, citing the company's growing role in AI custom silicon and co-packaged optics. The move outpaced both the iShares Semiconductor ETF (NASDAQ:SOXX) and Invesco QQQ Trust (NASDAQ:QQQ). Broadcom (NASDAQ:AVGO) edged up 1% to $364.83, while NVIDIA (NASDAQ:NVDA) remained stable at a 0.4% gain to $219.26. Piper Sandler analyst David O'Connor highlighted Marvell's strengths in digital signal processors and custom connectivity as key drivers for future demand from hyperscalers building AI infrastructure. The firm also noted co-packaged optics as an emerging opportunity, where Marvell already has a presence with optical DSP technology. Analysts expect the coverage initiation to attract new institutional flows over several days ahead of Marvell's investor event on October 6. The broader semiconductor sector saw modest gains but remained measured in its upward movement.
Topics: AI silicon Marvell Piper Sandler price target semiconductor sector