On June 17, Marvell Technology rose 3.07% overnight, trading at $287.49/share, with turnover of $11.22 million. The move comes as the broader semiconductor sector continues to rally, with the Philadelphia Semiconductor Index recently hitting fresh all-time highs, gaining over 5% in a single session.
On the company-specific front, Marvell announced the appointment of Dan Durn as its new CFO effective June 15, succeeding Willem Meintjes. Durn brings over 30 years of financial leadership in the semiconductor industry, having previously served as CFO at Adobe, Applied Materials, and NXP/Freescale. The company simultaneously reiterated its fiscal Q2 guidance of non-GAAP EPS of $0.93 and revenue of $2.70 billion. Additionally, B.Riley raised its price target on Marvell from $240 to $345, maintaining a buy rating, reflecting analyst confidence in the company's AI infrastructure growth trajectory.
Within the Semiconductors sector, Micron Technology up 2.89%, Intel up 2.04%, Advanced Micro Devices up 1.70%, Broadcom up 0.56%, NVIDIA up 0.23%.
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