Barclays Reiterates Equalweight Rating on Marvell (March 3)

Barclays analyst Tom O’Malley reiterated an Equalweight rating and $105.00 price target on Marvell Technology (NASDAQ: MRVL).

“Last month, MRVL announced the closure of the acquisitions of Celestial AI and XConn Technologies.

Celestial AI is an optical interconnect provider working on a Photonic Fabric for scale-up connectivity.

XConn Technologies is a provider of PCIe and CXL switching silicon… In aggregate, the acquisitions are expected to add ~$75M in annual opex, ~$50M in OIE, and ~30M shares.

Our new estimates: We revise our CY26 and CY27 estimates slightly higher with CY26 revenue at $10.20B (+25% Y/Y, vs. prior $10.18B), opex at $2.29B (vs. prior $2.22B), and CY26 EPS of $3.47 (vs. prior $3.69).

For CY27, we now estimate revenue at $13.78B (+35% Y/Y, vs. prior $13.50B), opex at $2.66B (vs. prior $2.58B), and EPS of $5.09 (vs. prior $5.24).”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.