Evercore ISI Lowers Marvell Price Target to $133
Evercore ISI analyst Mark Lipacis lowered the price target on Marvell Technology (NASDAQ: MRVL) to $133.00 (from $156.00) while maintaining an Outperform rating.
“We recommend buying MRVL into Thursday’s earnings report – we think investors can win 5 ways w/ MRVL: 1) Beat & Raise Quarter.
Our updated model JanQ EPS 3% above and AprQ guide 3% above Street 2) Investor Positioning Remains Negative.
With buy-side bogeys from Investor Survey for AI revs in CY2026 & CY2027 below Sell-Side ests, and MRVL ranking 3rd highest to face highest downward revisions to NTM earnings post-JanQ report.
3) Lowest P/E AI Stock. NTM P/E of 22x is cheapest among AI semis coverage, below S&P 500 of 23x and SOX of 25x and sits at 20% discount vs 8yr median (30% relative discount).
4) DC Forecast Upside. Last quarter, mgmt guided for >25% DC revs growth in FY27 when cloud CapEx was forecast to grow 31%. It is now forecast to grow 65%.
Our tops-down analysis supports forecast uptick for MRVL DC revs growth in FY27 to >40%.
Our bottoms-up based on channel check data points (here, here & here) offers more bullish upside to >2x YY.
Beyond FY27, we highlight OAI deal for 2GW of Trainium as incremental positive. 5) Trading 11x vs Implied 2028 EPS Target of $8+. We show that MRVL’s updated AI TAM supports 2028 EPS of $8+.
MRVL currently trades 11x when discounted back to 2027.”
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