Stock Market Today, June 18: Marvell Technology Surges on Price Target Hike

Marvell Technology (NASDAQ:MRVL), a custom AI chip provider, closed at $310.58 after rising 7.27%. With S&P 500 inclusion around the corner, the stock climbed on an analyst upgrade and wider tech strength. Trading volume reached 187.8 million shares, coming in about 383% above its three-month average of 38.9 million shares. Marvell Technology IPO'd in 2000 and has grown almost 2,150% since going public.The S&P 500 (SNPINDEX:^GSPC) closed at 7,501, up 1.08%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 26,518, up 1.91%. Among semiconductor and data infrastructure integrated circuits peers, Broadcom (NASDAQ:AVGO) closed at $411.35, up 4.70%, and Qualcomm (NASDAQ:QCOM) closed at $226.11, up 6.17%, showing chipmaker strength. Stocks rallied today after the U.S. and Iran took another step towards peace. Marvell Technology surged more than most after KeyBanc upped its price target from $260 to $385. The stock is also set to join the S&P 500 next week, and buying from funds that track the index often gives newcomers a short-term price boost. However, that’s likely already priced in, and what matters more is whether Marvell — which has gained more than 265% year-to-date — can sustain its momentum.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool