Stocks
Marvell Soars on Google Deal as Analysts Maintain Bullish Stance
Marvell Technology shares surged 12.7% in pre-market trading to $243.48 after announcing a binding custom-chip agreement with Google.
The deal gives Google a warrant to purchase up to 58.97 million Marvell shares at an exercise price of $206.58 per share, indicating the tech giant's confidence in the company's growth prospects.
Analysts have been bullish on Marvell ahead of its August 27 earnings event, highlighting strength in the data center business and maintaining their Buy ratings and targets.