Wells Fargo Backs Marvell, Micron, and Rambus With Strong Buy Ratings as AI Demand Grows

TLDR

• Wells Fargo analyst Aaron Rakers, ranked #16 out of 12,128 analysts on TipRanks, reaffirmed Strong Buy ratings on Marvell, Micron, and Rambus last week.
• Marvell stock is up 7% year-to-date, with a $135 price target from Rakers implying 48% upside.
• Micron stock is up over 55% in 2026, with Rakers raising his price target to $470 from $410.
• Micron has sold out its entire 2026 HBM supply and reports fiscal Q2 earnings on March 18.
• Rambus stock is up 5% year-to-date, with Rakers raising his price target to $115 from $92.53.

Wells Fargo analyst Aaron Rakers has reaffirmed Strong Buy ratings on three tech stocks: Marvell Technology, Micron Technology, and Rambus. Rakers holds a five-star ranking on TipRanks, sitting at #16 out of 12,128 Wall Street analysts. He carries a 68% success rate and an average return of 36%.

The ratings come at a time when AI-linked hardware demand is pushing memory and semiconductor stocks higher. All three companies make products that sit inside the AI supply chain.

Marvell Technology

Marvell designs semiconductors and networking solutions used in data centers, cloud computing, 5G, and AI applications. The stock is up 7% year-to-date.

Marvell Technology, Inc., MRVL

Rakers set a price target of $135 on Marvell, implying upside of over 48% from current levels. The broader Wall Street consensus is also bullish, with 22 Buy ratings and five Hold ratings assigned over the past three months. The average analyst price target sits at $122.52, implying 35% upside.

Marvell’s most recent quarterly earnings showed revenue of $2.22 billion and a net profit of $396.1 million. That compares to revenue of $1.82 billion and net profit of $200.2 million in the same quarter a year earlier.

Stifel Nicolaus analyst Tore Svanberg also issued a Buy rating on Marvell. However, one Hold rating was reiterated by another firm on March 7.

On the insider activity side, 57 insiders have shown negative sentiment over the past quarter, with selling activity increasing compared to earlier in the year. In January 2026, the company’s EVP and Chief Legal Officer sold 5,000 shares for around $465,400.

Micron Technology

Micron makes NAND chips for storage and DRAM chips used as working memory in computers and data centers. The stock is up over 55% in 2026 and jumped more than 4% in pre-market trading on March 16.

Micron Technology, Inc., MU

The jump comes ahead of Micron’s fiscal second-quarter earnings report on March 18. Analysts expect revenue of around $19.10 billion and earnings per share of $8.59.

A major part of the bull case is Micron’s high-bandwidth memory business. CEO Sanjay Mehrotra confirmed the company has “completed agreements on price and volume” for its entire 2026 HBM supply. HBM is used in AI servers and accelerators.

Micron also said the HBM market could grow from $35 billion in 2025 to around $100 billion by 2028.

Rakers raised his price target on Micron to $470 from $410. Citi also raised its target to $430 from $385. Morgan Stanley said Micron could earn as much as $52 per share in 2026.

Micron also announced plans to build a second manufacturing plant in Taiwan at the Tongluo site it recently acquired from Powerchip Semiconductor Manufacturing.

The consensus among 27 Wall Street analysts is a Strong Buy, with 26 Buys and one Hold.

Rambus

Rambus develops memory interface and security technologies for semiconductors and computing systems. The stock is up 5% year-to-date.

Rakers raised his price target on Rambus to $115 from $92.53, implying nearly 20% upside. The broader consensus shows four Buy ratings and one Hold. The average analyst price target is $113.50, suggesting 18% upside.

The next key event for all three stocks is Micron’s earnings report on March 18.

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