SAN FRANCISCO (Bloomberg) ? Shares of Marvell Technology Group Ltd., a maker of semiconductors used in data storage and communications, rose 13 percent to an all-time high after the company reported earnings that topped analysts? estimates.

Third-quarter profit more than doubled to $93 million, or 29 cents a share, from $43.6 million, or 15 cents, a year earlier, the Bermuda-based company said on Thursday.

Excluding some costs, profit was 36 cents, exceeding the 33-cent average estimate of 25 analysts surveyed by Thomson Financial.

The company makes semiconductors, including the chips that control hard disks in Apple Computer Inc.?s video iPod and ones that control Internet access in laptops. Orders from Apple and demand for new wireless Internet access devices will drive sales, said Cody Acree, an analyst at Legg Mason Wood Walker in Dallas.

?They are using their success to expand into new markets,? said Acree, who raised his target price for the stock to $60 from $51 today. ?There are several really new areas that aren?t even in our estimates yet.?

Shares of Marvell Technology, run from Sunnyvale, California, rose $6.55, the biggest one-day gain in 2 years, to $57.04 at 4 p.m. New York time in Nasdaq Stock Market composite trading. They had risen 42 percent this year before Friday. The old closing high of $50.75 occurred in September, 2000.

The rating on the shares was raised to ?overweight? from ?underweight? by Prudential Equity Group Inc. analyst Mark Lipacis. J.P. Morgan Securities analysts William Lewis and Scott Williamson raised their estimates and said they expect fourth- quarter profit of 41 cents a share, up from their prior target of 35 cents.