Evercore Marvell · MRVL

Evercore ISI Lowers Marvell Price Target to $133

Analyst: Mark Lipacis 1 min read Reproduced verbatim
Rating
Outperform
Target
$133
from $156 (−15%)
Outcome
Reached
on April 14, 2026
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What the analyst said

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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Where the price stands

MRVL trades at $134. The 24 analysts who set a target in the last 3 months range from $175 to $433, with a median of $300. This $133 target is 56% below the median, the lowest on the Street.

Since the note MRVL has moved +72% (from $77.51). 12-month window: day 246 of 365, closes on March 4, 2027.

Track record

This call✓ Target reached on April 14, 2026, 41 days after the note.

Firm track recordEvercore: 88% of its 16 targets at least a year old were reached within 12 months (#3 of 26 firms). Accuracy ranking →

Evercore on Marvell

Evercore price targets on Marvell

5 calls from March 4, 2026 to October 6, 2026. The target went from $133 to $433 (+226%). The rating stayed Buy.

Evercore targetMRVL share price
  1. October 6, 2026Target raised from $155 (+179%)Buy$433
  2. May 19, 2026Kept the $155 targetBuy$155
  3. March 6, 2026Target raised from $133 (+17%)Buy$155
  4. March 5, 2026Kept the $133 targetBuy$133
  5. March 4, 2026 This noteEarliest call shownBuy$133
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Other analysts on Marvell

StoneXBuy Kept rating and price target Nov 3 $375maintained UBSBuy Kept rating and price target Nov 3 $350maintained Wells FargoBuy Cut price target −22%, kept rating Nov 3 $285from $365 RBC CapitalBuy Cut price target −41%, kept rating Nov 3 $250from $425 NeedhamBuy Cut price target −25%, kept rating Nov 3 $300from $400
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.