Marvell Technology shares surged over 11% in premarket trading after analysts upgraded the chipmaker to Buy following strong fiscal 2028 revenue projections of nearly $15 billion. The outlook, which exceeded Wall Street estimates of $12.92 billion, signals accelerating AI-driven growth for Marvell's custom chips and interconnect products used in data centers.

Bank of America lifted its rating to Buy from Neutral with a $110 price target, citing improved visibility across key AI-related drivers. The bank raised fiscal 2027 and 2028 sales estimates by 8% and 12% respectively, while increasing EPS projections by 15% and 12%. Analysts expect adjusted EPS of $3.82 in fiscal 2027, rising 34% year-over-year, followed by $5.43 in fiscal 2028.

Benchmark analyst Cody Acree also upgraded Marvell to Buy with a $130 price target, highlighting multiple growth drivers across data-center and connectivity businesses. Despite the stock's recent gains, Acree noted Marvell's valuation remains particularly attractive versus broader AI semiconductor peers. The company reported fourth-quarter revenue of $2.219 billion, slightly above consensus, with data-center revenue reaching $1.651 billion and growing 21% year-over-year.