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Marvell Shares Fall 3% Overnight After 45% Two-Day Rally on Nvidia CEO Endorsement

GateNews
Stocks
NVDA-1.13%
MRVL3.56%
Marvell Technology shares declined 3% in overnight trading after closing at a record high on Wednesday, marking early profit-taking following a sharp 45% two-day rally sparked by Nvidia CEO Jensen Huang's endorsement at Computex 2026. Huang said Marvell could be the next 'trillion-dollar company' and highlighted the importance of photonics technology for efficient data transfers in data centers. Other photonics stocks, including Lumentum, Coherent, and Corning, also pulled back. Stifel raised its MRVL price target to $321 from $230, while Morningstar lifted its target to $235 from $130. Currently, 38 of 44 analysts rate the stock Buy or higher, with an average price target of $233.14. On Stocktwits, retail sentiment remained extremely bullish despite the overnight decline.
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