MRVL reported $2.74 billion in revenue for its second quarter, slightly ahead of the $2.72 billion analysts expected, according to FactSet. The company also reported adjusted earnings of 94 cents per share, beating the 93 cents expected by Wall Street. Even though Marvell beat expectations, investors were not impressed. 

Wall Street Firms Remain Bullish

Bank of America (NYSE: BAC), UBS (NYSE: UBS), Barclays (NYSE: BCS), Wells Fargo (NYSE: WFC), and Citi (NYSE: C) all reiterated bullish arguments, noting price targets of:

• Bank of America: $365
• UBS: $310
• Wells Fargo: $310
• Barclays: $275
• Citi: $275

The bullish calls are notable because MRVL has already had a huge year. The shares have climbed about 184% so far in 2026, meaning investors had very high expectations heading into the earnings report.

MRVL Delivered Modest Earnings Beat

Bank of America analyst Vivek Arya believes investors may be focusing too much on that short-term disappointment. “We ignore this expectation mismatch,” Arya wrote, as quoted by CNBC.

Arya remains confident in Marvell’s longer-term growth prospects. He described Marvell as a “unique growth franchise” and expects the company’s revenue growth to accelerate toward the mid-50% range year over year, compared with the mid-40% range currently.

He believes that growth can come from Marvell’s relationships with major cloud companies and its technology across several important areas, including computing, networking, optics, security and storage.

Analyst Day Could Be the Next Big Catalyst

With earnings now behind it, investors could turn their attention to Marvell’s analyst day in early October. The event could give investors more information about the company’s long-term growth plans and its opportunities in artificial intelligence, cloud computing and other areas of the semiconductor market.

Morgan Stanley analyst Joseph Moore, who has an Equal Weight rating on MRVL, also sees potential for the stock to rebound. Moore said he “would be tactically long for the investor day if the stock sells off,” as also quoted by CNBC. 

Should Investors Buy Marvell Stock After Earnings?

Marvell’s latest earnings report shows just how high expectations have become for the company. The company beat Wall Street’s revenue and earnings estimates, yet the stock still dropped sharply. That’s a sign that investors are looking for much more than small earnings beats after Marvell’s huge rally this year.

But the long-term story remains attractive to many analysts. Marvell is positioned in several areas of the semiconductor industry that are benefiting from growing demand for artificial intelligence and cloud infrastructure. The company’s relationships with major cloud customers could also help drive future growth. The upcoming analyst day could be especially important. If MRVL provides a strong outlook and gives investors more confidence in its long-term growth plans, the recent selloff could prove temporary.

For now, Wall Street remains largely positive. Bank of America sees as much as 51% upside to its $365 price target, while UBS, Wells Fargo, Barclays and Citi also remain bullish.

Unfortunately, investors weren’t too happy with guidance. 

The company said it expects adjusted earnings to be between $44 and $46 per share, with the midpoint above the $44.72 per share estimate. Revenue is forecast to be between $10.3 billion and $10.8 billion, with the midpoint of $10.55 billion below the $10.82. billion estimates.

Since then, the stock has started to pivot higher.

Helping, Wall Street is Just as Bullish

For one, just this morning, JPMorgan (NYSE: JPM) analysts say there are more gains ahead.

In fact, with an overweight rating and a price target of $2,250, the firm noted that SNDK is in many respects uniquely positioned to capture the ongoing structural inflection in NAND demand driven by rapid growth in AI inference,” as quoted by CNBC.

Two, as noted by Barclays (NYSE: BCS) analysts, as quoted by Yahoo Finance, “The company signed 5 new NBM deals at $94B minimum revenue and $91B RPO. These deals lock up 50% of FY27 bits and ~2/3 of FY28 bits. The company also expects to continue major buybacks with excess cash after doing $4.5 billion in June. Overall, the story here remains the same, and we think Sandisk is attractive on a pullback.”

We also have to consider that the rapid rise of AI is forcing companies to demand massive amounts of computing power.  Companies, including Amazon (NASDAQ: AMZN), Meta Platforms (NASDAQ: META), and Alphabet (NASDAQ: GOOG), are spending hundreds of billions of dollars building new data centers to support AI applications. These facilities require enormous quantities of advanced hardware, creating strong demand for memory products.

And since demand has been much higher than available supply, memory manufacturers like Sandisk have been able to increase prices. Higher pricing, combined with strong customer demand, has significantly boosted the company’s sales and profits over the past year.

All of which is a strong catalyst for the SNDK stock.

NAND Supply Can’t Keep up with Demand

We also have to consider that artificial intelligence will continue to create massive demand for data centers, which will lead to further demand for NAND. After all, NAND is a vital part of the AI infrastructure for massive amounts of data storage, speed and performance. We also have to consider that demand for more data centers (which will need more NAND) are exploding.

Consider this. According to MIT Technology Review, there are about 3,000 data centers across the U.S. Plus, according to a report from McKinsey, $5.2 trillion in AI infrastructure investments will be needed by 2030. Again, growing demand for data centers will mean growing demand for more NAND memory in an already tight market.

The AI cloud computing company reported an adjusted loss of $1.03 per share. That was better than the $1.20 loss analysts expected. Revenue was also slightly better than expected.  CoreWeave brought in $2.58 billion during the quarter, up 112% from a year earlier. Analysts had expected revenue of about $2.56 billion.

The company also gave investors another reason to be optimistic: its huge backlog of future business. CoreWeave said it had $104 billion in revenue backlog at the end of the quarter. 

The AI cloud computing company is also continuing to expand its data centers. By the end of June, the company had 1.5 gigawatts of active power capacity across its data centers. Its total contracted power capacity reached 4.2 gigawatts in early August, up from 3.5 gigawatts previously.

Analysts Raise Their Price Targets

Several Wall Street analysts were bullish on the earnings report and raised price targets.

Deutsche Bank (NYSE: DB) kept a Buy rating and a $150 price target. The bank said CRWV showed strong execution, growing demand, and improving profitability. It also pointed to the company’s growing backlog and expanding data center capacity.

JPMorgan (NYSE: JPM) was more cautious. The bank kept its Neutral rating but raised its price target from $110 to $120. Analysts said the biggest positive from the quarter was CoreWeave’s improving margins. Citi (NYSE: C) was more bullish, keeping its Buy rating and $142 price target. The bank said AI demand remains strong and that CRWV is gaining pricing power. The company has raised prices by about 25% across some of its services.

Even Bernstein, which remains bearish on the stock, admitted that the quarter was CRWV’s strongest performance so far. The firm raised its price target from $67 to $74 but kept an Underperform rating.

Bernstein said CoreWeave’s backlog is growing, its power capacity is increasing and its customer base is slowly becoming more diverse. However, the firm still does not believe these improvements are enough to change its long-term view of the stock.

Bank of America (NYSE: BAC) kept its Buy rating and $140 price target. The bank expects CRWV’s margins to improve during the second half of the year as newly activated data center capacity starts producing more revenue.

Wells Fargo (NYSE: WFC) was even more optimistic. It raised its price target from $155 to $160 and kept an Overweight rating. The bank said CoreWeave’s margin story is becoming clearer. The company reported contribution margins of around 30% to 35% during the second quarter, compared with the mid-20% range previously.

Some Investors Are Still Worried

Morgan Stanley (NYSE: MS) remains cautious, keeping an Equal Weight rating and a $99 price target. The bank said demand and pricing trends look positive but that it remains concerned about CoreWeave’s long-term returns and execution.

Barclays (NYSE: BCS) also maintained an Equal Weight rating with a $90 price target, although it said the company’s latest results showed strong operating improvement.

What’s Next for CoreWeave

CRWV’s second-quarter results were clearly better than many investors expected. Revenue is growing, the company has a significant backlog of future business, and its margins appear to be improving. Strong demand for AI computing is also allowing CoreWeave to raise prices. However, the company still faces major challenges, including high debt, heavy spending, and growing competition.

That explains why Wall Street remains divided. Some analysts believe CoreWeave is becoming a major winner from the AI boom, while others think investors are overlooking the risks. For now, the latest earnings report gives the bulls more evidence that CoreWeave can turn the huge demand for AI computing into a profitable business. The next challenge will be proving that this growth can continue.