Marvell Technology (MRVL) Stock on November 23, 2025: Raymond James “Strong Buy” vs. Valuation Jitters Before Key AI Earnings

Published: November 23, 2025

Marvell Technology’s stock heads into the new trading week with a fresh “strong buy” call from Wall Street, major institutional investors reshuffling their positions, and a growing debate over whether the AI-fueled chipmaker is now overvalued despite a recent 10% pullback.

Below is a detailed look at where Marvell Technology (NASDAQ: MRVL) stands as of Sunday, November 23, 2025, based on Friday’s market close and the latest news hitting the wires today.

Key takeaways for MRVL stock today

Price & size: Marvell closed Friday at about $77.45 per share, implying a market capitalization near $66.8 billion. ^[1]
Volatile week: The stock has fallen roughly 10% over the last week and about 30% year-to-date, even after a strong rally earlier in 2025. ^[2]
New “Strong Buy” rating: Raymond James has just resumed/assumed coverage on Marvell with a “strong-buy” rating, reinforcing the bullish AI narrative around the name. ^[3]
Institutional rotation: A new filing today shows Bank Julius Baer & Co. Ltd Zurich cut its MRVL stake by 60.3% in Q2, while other large institutions such as Goldman Sachs and Nuveen have built sizable positions. ^[4]
Valuation debate: A freshly syndicated Discounted Cash Flow (DCF) analysis suggests fair value around $60 per share, implying the stock trades roughly 29% above that model’s estimate even after the recent drop. ^[5]
AI growth still strong: In its latest reported quarter (fiscal Q2 2026), Marvell delivered record revenue of about $2.0 billion, up 58% year-on-year, driven largely by surging custom AI and data center demand. ^[6]
Next catalyst: The company’s Q3 FY2026 earnings call is scheduled for December 2, 2025, and is widely seen as the next major test for the stock’s AI story. ^[7]

Where Marvell Technology stock stands on November 23, 2025

U.S. markets are closed today (Sunday), so the latest actionable quote for Marvell is Friday’s close around $77.45.

At that level:

Marvell’s market cap is roughly $66.7–$66.8 billion. ^[8]
The stock sits between its 12‑month low near $47 and high above $127, illustrating just how extreme this year’s AI-driven volatility has been. ^[9]
Data compiled by MarketBeat and others shows Marvell trading at a rich multiple: a negative GAAP P/E due to accounting charges, but a P/E/G around 1.1 and strong growth expectations. ^[10]

Performance-wise, a recent Simply Wall St valuation update notes that after a 10.4% slide in the past week and a 4.4% drop over the last month, Marvell’s shares are now down about 31.8% in 2025, despite robust three‑ and five‑year returns. ^[11]

In other words, by the time we reach November 23, MRVL is a classic “strong business, volatile stock” story: long‑term AI optimism on one side, short‑term drawdowns and valuation questions on the other.

Fresh for today: Raymond James upgrade and new institutional filings

Raymond James slaps a “Strong Buy” on MRVL

One of the biggest pieces of news feeding today’s coverage is that Raymond James has resumed/assumed coverage of Marvell with a “strong-buy” rating. ^[12]

Coverage of the move highlights several key points:

Raymond James is effectively grouping Marvell alongside other top AI infrastructure plays, emphasizing its role in custom silicon and networking for hyperscale data centers. ^[13]
The call comes despite prior downgrades from firms like Barclays and Bank of America, which had grown cautious after Marvell’s weak data center outlook and lumpiness in custom AI chip orders. ^[14]

Consensus, meanwhile, remains broadly constructive. MarketBeat data shows:

3 analysts rating MRVL a Strong Buy
Around 20 rating it Buy
About 13 rating it Hold
With an average price target near $94 per share—around 20% above Friday’s close. ^[15]

That sets the stage for a classic setup into earnings: Wall Street is still bullish on the AI story, but not unanimously so.

New Q2 13F detail: Julius Baer trims, others accumulate

Also dated November 23, 2025, MarketBeat’s latest 13F-based report shows Bank Julius Baer & Co. Ltd Zurich cut its Marvell holdings by 60.3% in Q2, selling 27,778 shares and ending the quarter with 18,314 shares worth about $1.4 million. ^[16]

The same report underscores a broader institutional tug‑of‑war:

Nuveen LLC initiated a roughly $400 million position earlier this year.
Goldman Sachs boosted its stake by more than 30% to over 20.6 million shares, valued around $1.27 billion. ^[17]

A separate filing yesterday shows Empowered Funds LLC lifted its stake by 29.3% in Q2 to just over 61,000 shares valued at about $4.7 million. ^[18]

Taken together, the data paints a nuanced picture: some institutions are taking profits into volatility while others lean in, but overall institutional ownership remains very high, above 80% of the float. ^[19]

Valuation spotlight: is the 10% slide enough?

Today’s news flow also includes syndicated commentary around Marvell’s recent 10% weekly slide and whether it has finally made the stock “cheap enough.”

A fresh valuation breakdown from Simply Wall St—circulated via Yahoo Finance and Webull—argues that: ^[20]

After the recent drop, MRVL trades about 29% above one DCF model’s fair value estimate near $59.96 per share.
The stock scores 2 out of 6 on their internal valuation checklist, suggesting limited pockets of outright “undervaluation.”
On a Price‑to‑Sales basis, Marvell still trades at a rich multiple vs. many peers, reflecting strong AI expectations but also leaving little margin for error.

Earlier in November, other analyses had already flagged MRVL’s premium valuation, citing forward P/S multiples around 8–9x, which is high even for a fast‑growing semiconductor name. ^[21]

So, as of November 23, the valuation narrative is mixed:

Most traditional sell‑side analysts see upside to the $90s with a “Moderate Buy” consensus. ^[22]
DCF‑driven models used by some independent platforms argue that, even after the correction, Marvell still trades well above intrinsic value estimates in the low‑to‑mid‑$60s or below. ^[23]

That tension between growth optimism and valuation discipline is central to how MRVL will trade into the December 2 earnings print.

Under the hood: earnings momentum and AI data center growth

Fundamentally, Marvell’s recent numbers remain strong:

In Q2 FY2026 (quarter ended August 2, 2025), the company reported revenue of about $2.006 billion, up 58% year-on-year. ^[24]
Non‑GAAP EPS came in at $0.67, with GAAP net income around $195 million. ^[25]
Management guided Q3 FY2026 revenue to about $2.06 billion ±5%, with non‑GAAP EPS guidance around $0.74 ± $0.05. ^[26]

Data center and AI are doing the heavy lifting:

Reuters and Simply Wall St note that data center revenue nearly doubled year-on-year last quarter, driven by custom AI silicon and optical connectivity for major cloud players. ^[27]
Marvell has over 50 custom AI design engagements across more than 10 customers, according to its own earnings release—underlining how central AI ASICs and connectivity are to its growth story. ^[28]

At the same time, August’s earnings disappointed AI‑hungry investors on guidance:

Marvell forecast Q3 revenue below market expectations, citing “lumpiness” in its custom AI ASIC business and a flatter near‑term data center outlook, which prompted a sharp sell‑off in late August. ^[29]

That guidance reset is still echoing in today’s valuation debate: the long‑term AI narrative looks strong, but near‑term growth is choppy enough to make investors nervous.

Strategic moves: India AI expansion and SoftBank takeover chatter

India hiring spree to tap AI infrastructure boom

On November 20, Reuters reported that Marvell plans a significant India expansion: ^[30]

The company aims to grow its 1,700‑person India workforce by about 15% per year over the next three years, focusing on AI and data center R&D.
Bengaluru is the HQ for Marvell India, with Hyderabad dedicated to data center security solutions and Pune focused on embedded networking and storage.
Management sees India as an increasingly important AI data center market, with local capacity and data protection laws driving demand.

A Benzinga recap ties this expansion to recent share price volatility and notes that Marvell has been working with local OSAT (outsourced assembly and test) partners to align with India’s semiconductor ambitions. ^[31]

SoftBank takeover speculation

Another thread that has influenced sentiment—though not specific to today’s date—is takeover speculation involving SoftBank:

Earlier this month, Proactive Investors and other outlets highlighted reports that SoftBank explored acquiring Marvell in 2025, with an eye toward combining it with Arm Holdings to deepen its AI chip ecosystem. ^[32]
Talks reportedly stalled over valuation, and there are currently no active negotiations, but sources suggested SoftBank could revisit a deal in the future. ^[33]

While purely speculative at this stage, the very fact that a deep‑pocketed AI investor like SoftBank looked seriously at Marvell underscores how strategically important the company’s AI infrastructure portfolio has become.

Capital returns: buybacks, dividend, and insider buying

Beyond growth initiatives, Marvell has been returning capital to shareholders:

The board has authorized a $5.0 billion share repurchase program, allowing the company to buy back up to about 7.8% of outstanding shares via open‑market purchases. ^[34]
Marvell also pays a quarterly dividend of $0.06 per share, or $0.24 annually, translating to a yield of roughly 0.3% at current prices—small, but a signal of confidence in recurring cash flow. ^[35]
Recent SEC filings show CEO Matthew J. Murphy and COO Chris Koopmans bought shares in September, contributing to about 27,200 shares of insider purchases in the past 90 days, worth just over $2.1 million. ^[36]

For investors watching from the sidelines, the combination of buybacks, a token dividend, and insider buying often reads as a vote of confidence from management—even as valuation metrics flash “expensive” in some models.

What to watch next for MRVL

Heading into the week of November 25 and the December 2 earnings call, here are the main storylines that will likely shape Marvell’s stock:

Earnings vs. expectations: Does Q3 FY2026 revenue land near the $2.06 billion guidance and do margins trend higher, as management has previously promised? ^[37]
Data center AI trajectory: Investors will focus on whether data center and AI revenue can re‑accelerate after the “lumpy” quarter that spooked the market in August. ^[38]
Updated guidance and AI pipeline: Any fresh numbers on custom AI design wins, India R&D ramp‑up, and new connectivity products—such as the recently launched active copper cable (ACC) linear equalizers for 800G/1.6T links—will feed into the long‑term growth narrative. ^[39]
Valuation re‑rating: With a “Moderate/Strong Buy” analyst consensus but DCF models flashing overvaluation, the market’s reaction may depend as much on tone and forward commentary as on the raw numbers. ^[40]

Bottom line

As of November 23, 2025, Marvell Technology sits at the crossroads of big AI ambitions and big expectations:

Bullish forces: A new “strong buy” from Raymond James, robust AI‑driven revenue growth, a major India expansion, large institutional backing, and ongoing buybacks and insider buying. ^[41]
Bearish forces: A 10% weekly slide, lingering concerns about lumpy data center demand, and valuation models that still see the shares trading well above intrinsic value even after the pullback. ^[42]

That tension is exactly what makes MRVL one of the more closely watched semiconductor names heading into December’s earnings season.

Note: This overview is for information and news purposes only and does not constitute personalized investment advice. Always consider your own financial situation and, if needed, consult a licensed financial professional before making investment decisions.