Stifel Reiterates Buy Rating on Marvell (March 3)

Stifel analyst Tore Svanberg reiterated a Buy rating and $114.00 price target on Marvell Technology (NASDAQ: MRVL).

“We anticipate slight upside to our $2.20bn Jan Q revenue estimate, with upside likely to come from Data Center revenue (73% of Oct Q rev), and more specifically optical interconnects.

We believe Marvell could provide Apr Q revenue guidance in line or slightly above our current $2.29bn revenue estimate (+4.0% q/q growth), driven by momentum across multiple program ramps in Data Center, and bolstered by recent hyperscaler CapEx commentary.

We view optical interconnect momentum as the primary engine for F4Q26 upside, driven by the ongoing 800G/1.6T upgrade cycles and Marvell’s strength in the DSP market.

We also see continued traction for Marvell’s XPU-attach products, supported by a robust funnel of 15+ design wins, while the XPU segment is poised for a Jan Q rebound as key hyperscaler ASIC programs scale.”

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