What the analyst said
Stifel analyst Tore Svanberg reiterated a Buy rating and $114.00 price target on Marvell Technology (NASDAQ: MRVL).
“Model Impact: Below, we summarize for investors the impact to our financial model.
On February 10, 2026, Marvell announced it had closed its ~$540mn acquisition of XConn Technologies, a provider of PCIe and CXL switch silicon aimed at bolstering Marvell’s UALink capabilities longer term.
As such, we are updating our financial model to incorporate the impact of the acquisition.
Maintain Buy and 12-month Target Price of $114, representing a 34.4x CY26E P/E multiple (10.2x CY26E EV/Sales). • We anticipate initial revenue contributions from XConn beginning in F3Q27E, ramping to a $50mn annualized run rate ($12.5mn/quarter) by F4Q27E. • We are increasing our FY28E revenue estimate by $100mn to reflect anticipated XConn contribution. • We are adjusting our NG OpEx estimates for FY27E by ~$25mn annually, with this figure growing in FY28E at the same rate as our prior projected NG OpEx estimate. • Due to the acquisition reducing MRVL’s cash balance by ~$325mn, we are decreasing the company’s Other Income by ~$12mn on an annual basis due to anticipated reduced interest income in future fiscal periods. • Starting in the Apr Q, we have increased our projected diluted weighted-average shares outstanding by approx.
2.7mn shares coinciding with the equity issued to complete the acquisition. • Net/net, we are adjusting our FY27E NG EPS estimate from $3.41 to $3.37, though our FY28E NG EPS estimate is being maintained at $4.90. • FY29E: We are adjusting our FY29E revenue estimate from $17.58bn to $17.73bn, and leaving our NG EPS estimate unchanged at $6.68.
That said, should the integration of XConn prove successful (contemplating potential tailwinds such as cross-selling), we believe there could be NG EPS upside.”
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Where the price stands
MRVL trades at $155. The 24 analysts who set a target in the last 3 months range from $175 to $433, with a median of $300. This $114 target is 62% below the median, the lowest on the Street.
Since the note MRVL has moved +89% (from $82.01). 12-month window: day 271 of 365, closes on February 11, 2027.
Track record
This call✓ Target reached on April 8, 2026, 2 months after the note.
Firm track recordStifel: 83% of its 42 targets at least a year old were reached within 12 months (#6 of 26 firms). Accuracy ranking →
Stifel on Marvell
Stifel price targets on Marvell
8 calls from February 11, 2026 to June 2, 2026. The target went from $114 to $321 (+182%). The rating stayed Buy.
- June 2, 2026Target raised from $230 (+40%)Buy$321
- May 28, 2026Target raised from $210 (+10%)Buy$230
- May 22, 2026Target raised from $140 (+50%)Buy$210
- April 16, 2026Target raised from $120 (+17%)Buy$140
- March 16, 2026Kept the $120 targetBuy$120
- March 6, 2026Target raised from $114 (+5%)Buy$120
- March 3, 2026Kept the $114 targetBuy$114
- February 11, 2026 This noteEarliest call shownBuy$114
Other analysts on Marvell
StoneXBuy
Kept rating and price targetReiterated · Nov 3
$375maintained
UBSBuy
Kept rating and price targetReiterated · Nov 3
$350maintained
Wells FargoBuy
Cut price target −22%, kept ratingCut target · Nov 3
$285from $365−22%
RBC CapitalBuy
Cut price target −41%, kept ratingCut target · Nov 3
$250from $425−41%
NeedhamBuy
Cut price target −25%, kept ratingCut target · Nov 3
$300from $400−25%