Goldman Sachs Raises Marvell Price Target to $100

Goldman Sachs analyst James Schneider raised the price target on Marvell Technology (NASDAQ: MRVL) to $100.00 (from $90.00) while maintaining a Neutral rating.

“We expect the stock to trade higher following stronger 1Q guidance and a continued constructive outlook for Marvell’s Datacenter ramp, which is driving improving long-term visibility for the business.

Marvell increased its CY27 Datacenter revenue guidance to 50% YoY growth (up from 40% YoY), with custom compute revenue growing 100% YoY.

At the overall company level, management expects to drive 40% revenue growth in CY27 while driving over $5.00 in non-GAAP earnings power – which we see as a significant positive.

Overall, we view Marvell’s results as an incremental medium-term positive for the stock given increased visibility into medium-term fundamentals.

We are Neutral on the stock given lower visibility into the expansion of Marvell’s custom silicon customer base relative to peers, but could consider being more constructive if we gain incremental confidence in the company’s custom compute revenue ramp in CY27 and beyond.”

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