Marvell Technology (MRVL) Stock: Earnings, AI Pivot and Analyst Targets to Watch Before the December 1, 2025 Open

As U.S. markets get ready to reopen on Monday, December 1, 2025, Marvell Technology, Inc. (NASDAQ: MRVL) enters the new month in the spotlight, with its share price recovering, analyst targets moving higher and a critical AI‑driven earnings report due this week.

This overview pulls together the key news, forecasts and analyses published between November 28 and November 30, 2025 to help traders and investors understand what could shape MRVL’s trading when the bell rings.

1. Where Marvell Stock Stands After Friday’s Close

Marvell shares closed Friday, November 28 at $89.40, up about 1.9% on the day and outperforming the broader market. Zacks noted that MRVL’s daily gain topped the S&P 500’s 0.54% rise and left the stock modestly ahead of the broader tech sector over the past month. ^[1]

After-hours trading on Friday saw only a slight dip, with Marvell’s investor-relations page showing the stock around $89.29, effectively flat heading into the weekend. ^[2]

Despite this rebound, MRVL is still down roughly 20% in 2025, according to both Zacks and Intellectia’s seasonality and performance analysis, which highlights a 21%+ decline for the year following strong gains in 2023 and 2024. ^[3]

Valuation‑wise, Zacks pegs Marvell at a forward P/E near 31 and a PEG ratio below 1, cheaper than the average semiconductor peer group on both metrics, with the stock carrying a Zacks Rank #2 (Buy) as of November 28. ^[4]

All of this sets up a familiar but tense backdrop: a high‑multiple AI infrastructure name that’s corrected hard this year, but which many on Wall Street still see as structurally attractive.

2. The Earnings Countdown – and a Small Calendar Confusion

The most important near‑term catalyst for MRVL is its third quarter of fiscal 2026 earnings release:

Marvell’s own press release and IR calendar say the company will release Q3 FY2026 results and host its conference call on Tuesday, December 2, 2025, after the market close (1:45 p.m. Pacific / 4:45 p.m. Eastern). ^[5]
Several third‑party calendars (Zacks, MarketChameleon, Marketscreener and others) also show December 2 as the earnings date. ^[6]
One Zacks preview article, republished on Nasdaq, refers to December 12 as the earnings date while otherwise using the same consensus estimates, which appears to be inconsistent with the issuer’s own guidance. ^[7]

For traders lining up for Monday’s session, it’s safest to treat December 2 after the close as the operative date, because that’s what Marvell itself has announced.

Street expectations

Across the research published between November 28 and 30, estimates are tightly clustered:

Revenue: Around $2.06–$2.07 billion, representing roughly mid‑30s percent year‑over‑year growth. ^[8]
Non‑GAAP EPS: Typically $0.74–$0.75, about 74% higher than the year‑ago quarter, with a slightly higher “most accurate” estimate of $0.78 in Zacks’ Earnings ESP model. ^[9]
Guidance band: Marvell has guided to roughly $0.69–$0.79 EPS for the quarter, with a revenue range centered near $2.06 billion. ^[10]

Zacks’ detailed preview on November 28 argues that carrier infrastructure, data center and enterprise networking are all set for explosive year‑over‑year growth in Q3, driven by demand for advanced Ethernet switches, custom AI accelerators (XPUs with high‑bandwidth memory), and recovering enterprise networking orders as customers normalize inventories. ^[11]

Their model:

Puts data center revenue at about $1.49 billion for the quarter (up mid‑30% YoY).
Sees carrier infrastructure nearly doubling.
Expects enterprise networking up roughly two‑thirds year on year, while consumer and industrial/automotive remain headwinds. ^[12]

Taken together, the Street is essentially betting that Marvell’s AI‑centric data center story is now strong enough to outweigh softness in legacy segments.

3. What the November 28–30 Coverage Is Saying

3.1. Zacks: MRVL Outperforms, but Expectations Are High

On November 28, a Zacks note titled “Marvell Technology (MRVL) Outperforms Broader Market: What You Need to Know” highlighted that MRVL’s 1.92% rise to $89.40 outpaced the major indices while consensus expectations for Q3 call for $0.75 in EPS and $2.06 billion in revenue, up about 74% and 36% year on year, respectively. ^[13]

Zacks also:

Reiterated its Zacks Rank #2 (Buy) on Marvell.
Pointed out the stock trades at a lower forward P/E and PEG ratio than the broader Electronics–Semiconductors industry, suggesting the market hasn’t fully priced in the step‑change in earnings power implied by those forecasts. ^[14]

For Monday’s open, this means investors will be weighing not just whether Marvell beats Q3, but by how much it has to out‑deliver already bullish expectations to keep the rally going.

3.2. Zacks/Nasdaq: A “Likely Earnings Beat” on AI Infrastructure

A separate Zacks analysis, republished on Nasdaq on November 28 under the headline “MRVL to Post Q3 Earnings: Time to Buy, Sell or Hold the Stock?”, goes further: its proprietary Earnings ESP model suggests a good chance of an earnings beat, noting a positive spread between the “Most Accurate Estimate” and the standard consensus EPS figure. ^[15]

Key drivers the piece highlights:

A still‑early multi‑year AI infrastructure cycle, with Marvell’s custom AI silicon, 2.5D packaging platform and high‑speed optical solutions (including 800ZR coherent DSPs) positioned at the center of hyperscaler upgrades. ^[16]
Strong collaboration with NVIDIA and Coherent on high‑speed optical networking, plus designs built around NVIDIA’s HGX H100 platform. ^[17]

The article concludes with a bullish view (“buy before Q3 results”), which helps explain the recent pre‑earnings run‑up—but also raises the bar for what investors will want to hear on guidance.

3.3. AInvest: “Likely Earnings Beat Ahead”

On November 28, AInvest published a short earnings preview titled “Marvell Technology: A Likely Earnings Beat Ahead”. The AI‑assisted note describes Marvell as a fabless semiconductor company with a roughly $70+ billion market cap and argues that its positioning in storage controllers and high‑performance connectivity leaves it well placed to surprise to the upside. ^[18]

The piece explicitly suggests buying MRVL before the release, adding to the growing chorus of pre‑earnings optimism from quantitative and discretionary analysts alike. ^[19]

3.4. Boerse‑Global: UBS Target to $110 and Institutional Accumulation

A particularly influential weekend note came from boerse‑global.de on November 30, under the headline “Marvell Technology Shares Target $110 as Key Earnings Approach”. ^[20]

That article ties several threads together:

UBS raised its price target to $110 from $105, maintaining a Buy rating and citing Marvell’s leverage to AI‑driven optics demand and its custom Microsoft ASIC wins. ^[21]
The piece highlights major institutional buying reported in recent 13F filings:
- Russell Investments Group increased its MRVL stake by about 26.6%.
- Nordea Investment Management boosted its holdings by more than 48%. ^[22]
With MRVL recently trading near $89.40, UBS’s new target implies upside north of 20% if the earnings narrative holds. ^[23]

The tone is enthusiastic but also clear: execution on December 2 has to validate that optimism, or the stock could face a sharp reset.

3.5. Simply Wall St: Automotive Exit, $1B Buyback and a $90 Fair Value

On November 28, Simply Wall St published “Why Marvell Technology (MRVL) Is Up 13.3% After Automotive Exit and New Data Center Push”, focusing on the company’s recent portfolio reshaping. ^[24]

Key points:

Marvell has sold its Automotive business and is redeploying capital into data center and AI infrastructure, supported by key hyperscaler partnerships. ^[25]
Management announced a $1 billion accelerated share repurchase (ASR), signaling confidence in the revamped AI‑centric strategy. ^[26]
Long‑term forecasts in the article suggest revenue could reach about $12.1 billion and earnings around $2.9 billion by 2028, implying high‑teens annual revenue growth from current levels.
The platform’s DCF‑style fair value for MRVL is about $90.07, just a touch above Friday’s close, with community fair‑value estimates spread widely between roughly $49 and $113 per share. ^[27]

That framing casts MRVL, at current prices, as roughly fairly valued on long‑term fundamentals, leaving the near‑term trading reaction highly sensitive to the earnings trajectory and AI commentary over the next few days.

3.6. Intellectia: Short‑Term Bullish, Longer‑Term Mixed

Quant platform Intellectia updated its MRVL forecast and technical dashboard through November 30: ^[28]

Short‑term price projections:
- 1‑day forecast: around $89.9 (essentially flat vs. Friday’s close).
- 1‑week forecast: approximately $95.1.
- 1‑month forecast: roughly $96.1.
The algorithm classifies MRVL as a “Strong Buy candidate” in the near term, citing five bullish technical signals versus two bearish, with price in a rising trend since late October.
Moving averages show a constructive setup, with the 20‑day SMA above the 60‑day and the 60‑day above the 200‑day, although the platform notes some caution around rising prices on falling volume.
Seasonality data suggest December has historically delivered positive returns about 62% of the time, while November is statistically MRVL’s strongest month.

That mix of bullish near‑term momentum and more cautious medium‑term projections (their 2026 average price forecast sits below current levels) reinforces the idea that Monday’s trading may be dominated by short‑term positioning around the earnings event rather than long‑horizon value calls.

4. Analyst Ratings and Price Targets: Consensus Edges Up

The end of November brought a notable cluster of analyst moves:

Susquehanna raised its MRVL price target from $80 to $100, maintaining a Positive rating. ^[29]
UBS lifted its target from $105 to $110 and reiterated a Buy, citing upside from optics demand and Microsoft‑related custom ASIC wins. ^[30]
HSBC initiated coverage with a Hold rating and an $85 price target, praising Marvell’s progress in AI optics but expressing more caution about its ASIC roadmap relative to Broadcom. ^[31]

Across the Street:

MarketBeat’s aggregated forecast now shows an average 12‑month price target around $94–95, with a wide range from roughly $66 on the low end to $149 on the high end, and an overall rating of “Moderate Buy.” ^[32]
Anachart data puts the average target slightly higher, just over $110, implying more than 20% upside from Friday’s close, based on a subset of 30 analysts. ^[33]
A recent Yahoo Finance summary noted that the consensus target has ticked up from about $90.07 to $91.73 over the past month as analysts revise numbers ahead of earnings. ^[34]

In short: the direction of travel for Wall Street targets is upward, but there’s still a meaningful split between more conservative houses (like HSBC) and the aggressively bullish camp (UBS, Oppenheimer and others).

5. Strategy Shift: Automotive Exit, India Expansion and the AI Data Center Bet

The November 28–30 coverage builds on a broader strategic pivot that dominated Marvell headlines earlier in 2025:

In April, Marvell agreed to sell its Automotive Ethernet business to Infineon for $2.5 billion in cash, exiting a non‑core segment to focus more sharply on AI‑centric data infrastructure. ^[35]
Q2 FY2026 results (reported in late August) already showed the impact of this focus: data center revenue reached about $1.1 billion, roughly 98% year‑over‑year growth, and accounted for more than 70% of total revenue. ^[36]
On November 20, Reuters reported that Marvell plans to expand hiring in India by about 15% annually over the next three years, with R&D hubs in Bengaluru, Hyderabad and Pune focused on AI data center, security and networking. ^[37]

Barron’s, in a late‑October feature, described Marvell as a “slumped AI infrastructure stock with a growth story to tell”, noting a 20% share price drop in 2025 despite strong structural demand for its custom data center and networking silicon. The article highlighted Oppenheimer’s raised target to $115 and management’s confidence in roughly 10% revenue growth across segments in 2026, powered by AI. ^[38]

The latest batch of November 28–30 analysis largely reaffirms that narrative: Marvell is increasingly being judged on whether its AI and cloud infrastructure bets can sustain multi‑year double‑digit growth, not just on near‑term cyclical swings.

6. Technical Picture and Options Market: Volatility On Deck

Several pieces of late‑November research focus on technicals and earnings‑related volatility:

Investor’s Business Daily wrote on November 28 that Marvell’s Relative Strength (RS) Rating has improved into the mid‑70s, up from the high 60s, following a period of stronger price performance. The same note reminded readers that MRVL’s most recent report showed triple‑digit earnings growth (around 123%) and roughly 58% sales growth, and that the next update is expected around December 2. ^[39]
Intellectia’s dashboard (updated through November 30) classifies MRVL as being in an ongoing uptrend since late October, with more buy than sell signals but some caution around weakening volume. ^[40]
Options‑focused data from MarketChameleon shows that in the last 12 quarters, the options market has historically implied an average post‑earnings move of roughly ±9% for MRVL, and has tended to overestimate the actual move about half the time. ^[41]

MarketChameleon articles from late November (accessible in summary snippets) also note that in the past three years MRVL shares have often rallied in the week heading into earnings, delivering positive returns in the majority of pre‑earnings weeks, with an average single‑week gain of around 4%. ^[42]

All of this suggests that volatility expectations into and after the Q3 print remain elevated, which can amplify both upside and downside moves on even small deviations from guidance.

7. Institutional Flows: Big Funds Lean In, Others Take Profits

Between November 28 and 30, a flurry of 13F‑related headlines shed light on how large investors are positioning:

Russell Investments Group Ltd. significantly increased its MRVL stake in Q2, according to a November 29 MarketBeat alert, a move echoed and quantified in the boerse‑global piece as roughly a 26.6% position increase. ^[43]
The State Board of Administration of Florida Retirement System also raised its holdings, another signal of long‑only institutional confidence. ^[44]
A November 30 article reported that Scotia Capital Inc. boosted its MRVL position by more than 70%, while Elevation Point Wealth Partners opened a new position worth approximately $281,000—small in absolute terms, but additive to the accumulation narrative. ^[45]
Offsetting that to a degree, the New York State Common Retirement Fund trimmed its Marvell stake by about 7.5%, selling roughly 79,500 shares, even as it remains a sizable holder with close to a million MRVL shares. ^[46]

Net‑net, the late‑November filings paint a picture of broad institutional interest with selective profit‑taking—another reason why liquidity should be robust around the earnings event and Monday’s open.

8. What to Watch at the December 1, 2025 Open

Going into Monday’s session, here are the key storylines and data points the market is likely to focus on:

Earnings Date Clarity
- Most credible sources, including Marvell itself, point to Q3 FY2026 results on December 2 after the close. Any further confusion in calendars could briefly jolt headline‑driven traders, but the company’s own guidance should ultimately anchor expectations. ^[47]
AI Data Center Momentum vs. Legacy Weakness
- Analysts are effectively banking on double‑digit to high‑double‑digit growth in data center, carrier and enterprise networking to overpower softness in consumer and automotive/industrial. If segment‑level numbers or commentary disappoint, MRVL’s high‑growth narrative could be challenged. ^[48]
How “Priced In” Are Upgrades from UBS, Susquehanna and Others?
- With fresh targets as high as $110–$115 and consensus drifting upward, the stock may need either an earnings beat or very strong forward guidance just to maintain current levels. ^[49]
Technical and Quant Signals
- RS ratings improving into the 70s, bullish moving‑average setups, and short‑term algorithmic “Strong Buy” calls could attract momentum traders on any early‑session strength—but those same players may also be quick to lock in gains if the tone from management sounds less aggressive than expected. ^[50]
Options and Volatility
- With options historically implying ~±9% moves around earnings, and pre‑earnings weeks often skewing positive, Monday could see elevated implied volatility and heavy positioning in weekly calls and puts as traders fine‑tune bets. ^[51]
Macro and AI Sector Sentiment
- Marvell trades in the shadow of mega‑cap AI names and peers like Nvidia and Broadcom, and broader tech risk appetite has been choppy in November. Any shift in macro tone—yields, AI sentiment, or sector rotation—could easily amplify whatever stock‑specific news arrives. ^[52]

9. Bottom Line

Between November 28 and 30, 2025, the news flow around Marvell Technology has been decisively bullish:

Earnings previews from Zacks, AInvest and others mostly point to a probable beat. ^[53]
Analyst price targets are drifting higher, with multiple firms now looking for double‑digit percentage upside from current levels. ^[54]
Institutional investors appear to be net accumulators, even as some funds trim positions at the margin. ^[55]
Quant and technical platforms show constructive near‑term setups, though not without warnings about volume and potential post‑earnings volatility. ^[56]

At the same time, MRVL is not a “cheap” AI stock, its 2025 share‑price drawdown reflects real execution and concentration risks, and expectations for December 2 are already lofty.

For traders and investors watching the December 1 open, Marvell looks like a classic high‑beta earnings setup: strong AI narrative, supportive institutional and analyst backdrop, and clear technical momentum—balanced by rich expectations and a history of big post‑earnings moves in both directions.

As always, anyone considering a position should weigh this information against their own risk tolerance, time horizon and portfolio needs; the articles and forecasts above are informational, not personalized investment advice.