Chipmaker Marvell Technology impressed Wall Street with its plans to increase its data infrastructure business. MRVL stock jumped Thursday following the company's analyst day presentation.

During the presentation on Wednesday, Marvell raised its long-term annual revenue growth outlook to a range of 15% to 20% from a target range last year of 10% to 15%. In June, after its acquisition of Inphi, Marvell upped the growth target to a range of 12% to 16%.

The Santa Clara, Calif.-based company also expects sales in its cloud computing, 5G wireless and automotive segments to increase about 40% a year.

At least nine Wall Street analysts raised their price targets on MRVL stock following the analyst day presentation. Of those, seven have buy ratings on MRVL stock and two are neutral.

MRVL Stock Jumps On News

Craig-Hallum analyst Christian Schwab upgraded MRVL stock to buy from hold. He also raised his price target to 85 from 63.

On the stock market today, MRVL stock jumped 2.3% to close at 65.15. On Wednesday, it leaped 7.3% to close at 63.69.

In intraday trading on Wednesday, MRVL stock touched a buy point of 64.17 out of a flat base, according to IBD MarketSmith charts. But it ended the regular session below that buy point. However, it surged into the 5% buy zone of a breakout on Thursday.

Marvell's Major Turnaround

Marvell has made a big transition to data infrastructure products in recent years, Schwab said. These products include networking, compute and storage semiconductors for cloud data centers. Marvell now gets 84% of its revenue from infrastructure products and 16% from consumer products. Five years ago, the split was 38% infrastructure and 62% consumer.

Rosenblatt Securities analyst Hans Mosesmann reiterated his buy rating on MRVL stock and raised his price target to 100 from 85.

"No doubt (Chief Executive) Matt Murphy has orchestrated one of the biggest turnarounds in the history of Silicon Valley (up there with AMD)," Mosesmann said in a note to clients.

Marvell has optimized its semiconductor products for the cloud, 5G and automotive markets, giving it a strategic advantage, he said.

MRVL stock is on the IBD Global Leaders stock list.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.