Marvell Technology, Inc. (NASDAQ:MRVL) shares are trading higher Thursday after the company announced the Teralynx 10 Ethernet switch device is in volume production with customer deployments underway.

The Details:

Marvell described the Teralynx 10 switch as a low power, programmable 51.2 Tbps Ethernet device with the industry's lowest latency which delivers performance for training, inference, general-purpose compute and other workloads to scale accelerated infrastructure in cloud data centers.

Marvell also announced the immediate availability of the Teralynx switch in the Linux Foundation's SONiC (Software for Open Networking in the Cloud) network operating system and said networking vendors can now use and deploy Teralynx 10-based systems in SONiC environments.

"AI deployments require a switch solution which is simultaneously high bandwidth, low power, low latency, and future-proofed for evolving requirements. Marvell has delivered the most complete AI Ethernet switch solution available to the industry today, and we are pleased to deliver a production-ready solution for customers' expanding 51.2 Tbps deployments," said Nick Kucharewski, senior vice president at Marvell.

Marvell shares fell nearly 6% Wednesday as the Nasdaq suffered its worst decline since 2022 led by Tesla and Alphabet as investors showed disappointment in the latest earnings reports from the companies. According to data from Benzinga Pro, Marvell shares are trading above the stock's 50-day moving average of $71.36 and 5.1% of shares are being sold short.

MRVL Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Marvell Technology have an average 1-year price target of $88.80, representing an expected upside of 37.78%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Marvell Tech, while 9 analysts have bullish ratings. The street high price target from B. Riley Securities is $100, while the street low from Morgan Stanley is $77.

MRVL Price Action: According to Benzinga Pro, Marvell Technology shares are up 2.18% at $65.75 at the time of publication Thursday.

Read Also:

• Viking Therapeutics Stock Climbs On Q2 EPS Beat

Image: Shutterstock