As Marvell Technology, Inc. (NASDAQ: MRVL) stock fell by more than 5% over the past 30 days through September 18, 2026, Joseph Moore, a Wall Street analyst at Morgan Stanley (NYSE: MS), expects less upside over the next 12 months.

Moore maintained a ‘Hold’ rating for MRVL stock, according to a note sent to clients on Friday. He also reaffirmed the bank’s 12-month price target for Marvell stock at $246, thereby signaling a potential upside of 3.96%.

Morgan Stanley based its ‘Hold’ rating on the fact that the MRVL stock traded at more than twice the valuation multiple of peer leaders, including Broadcom Inc. (NASDAQ: AVGO) and Nvidia Corp. (NASDAQ: NVDA). As such, this analyst argued that the company’s elevated…