Marvell Technology Inc. (MRVL) stock climbed nearly 3% Monday as technology stocks rallied and investors returned to semiconductor names.

The Nasdaq Composite gained 1.48%, while the S&P 500 rose 0.91%. Marvell also outperformed the broader technology sector, which advanced 1.96%.

Technology led all 11 market sectors Monday. Meanwhile, eight sectors traded higher, and advancing stocks outnumbered declining stocks by a ratio of 2.7 to 1. The Dow Jones Industrial Average rose 0.39%, while the Russell 2000 gained 0.92%.

Marvell's rally also follows a recent pullback from its earlier highs. Investors are now watching whether the rebound can develop into a sustained recovery.

Marvell Raises Long-Term Revenue Forecast

Marvell recently outlined ambitious growth forecasts driven by artificial intelligence and data center demand.

At its Oct. 6 investor day, the company projected fiscal 2031 revenue of $70 billion to $90 billion. It also raised its fiscal 2028 revenue forecast to $20 billion from $18 billion.

Additionally, Marvell expanded its estimated total addressable market to $400 billion by 2030. Data centers account for approximately $385 billion of that opportunity.

The company sees a $235 billion opportunity in custom products, $85 billion in switching and storage, and $65 billion in interconnect products.

These projections highlight Marvell's growing focus on AI infrastructure and advanced networking solutions.

BNP Paribas Sees More Upside For Marvell

BNP Paribas analyst Karl Ackerman believes Marvell could exceed its long-term earnings goals.

Ackerman said the company's updated outlook could support earnings of approximately $33.40 per share by 2030. That exceeds management's goal of more than $30 and the consensus estimate of $24.91.

The analyst also highlighted Marvell's improved profitability forecasts.

Marvell expects gross margins of 56% to 59%. Meanwhile, its operating margin goal has increased to 44% to 46%, compared with the previous range of 38% to 40%.

Ackerman remains optimistic about Marvell's position in AI computing and networking.

"We remain constructive on Marvell as one of three companies offering a complete portfolio across AI compute and networking for scale-in, scale-up, scale-out, and scale-across applications," Ackerman wrote.

MRVL Technical Analysis: Can The Rebound Continue?

Despite Monday's gains, Marvell shares remain below key short-term moving averages.

The stock trades approximately 8% below its 20-day simple moving average of $255.96. It also sits 3.2% below its 50-day average of $243.22.

However, the longer-term trend remains positive. Marvell trades 30.6% above its 200-day moving average of $180.30.

Additionally, its 50-day moving average remains above its 200-day average. This pattern supports a bullish longer-term outlook.

The moving average convergence divergence indicator, or MACD, presents a more cautious picture.

MACD remains below its signal line, while its histogram is negative. These readings suggest that buying momentum has weakened.

Traders are watching resistance near $242, an area close to the stock's intermediate-term moving averages. Meanwhile, support sits around $200.50, where buyers previously stepped in.

Marvell shares have gained 165.25% over the past 12 months. However, the stock remains below its 52-week high of $329.88, reached in June.

A sustained move above resistance could strengthen the recovery outlook. Conversely, renewed selling pressure could bring support levels back into focus.

Analyst Outlook

Marvell trades at a price-to-earnings ratio of 75.7, reflecting a premium valuation. Despite that valuation, analysts maintain a bullish outlook on the stock.

Marvell carries a consensus Buy rating and an average analyst price forecast of $348.72.

On Oct. 7, UBS maintained its Buy rating and raised its price forecast to $350. Jefferies also maintained Buy and increased its forecast to $450. Similarly, JPMorgan maintained its Overweight rating and raised its price forecast to $360.

These forecasts reflect expectations for continued growth in AI-related semiconductor demand.

MRVL Stock Price Action

MRVL Price Action: Marvell Technology shares were up 2.84% at $234.99 at the time of publication Monday, according to market data.