Evercore ISI Raises Marvell Price Target to $155 (March 6)

Evercore ISI analyst Mark Lipacis raised the price target on Marvell Technology (NASDAQ: MRVL) to $155.00 (from $133.00) while maintaining an Outperform rating.

“We reiterate our Outperform rating, and increase our PT to $155 (from $133) after MRVL printed a beat & healthy raise consistent with our preview and channel checks(here, here and here).

Mgmt increased its FY2027 outlook for Data Center revs to 40% (from >25%), accelerating to 50% YY in FY2028 and grow at similar levels in FY2029 to $18.8bn levels laid out at its Jun-25 Custom AI event.

We view this outlook as yet another proof point of our thesis that 1) parabolic demand for AI tokens should sustain as agentic AI means demand for compute is no longer limited by human-to-human interactions, but rather by potentially limitless AI agents interacting with one another, and 2) accelerating growth in AI CapEx is justified and funded by AI-driven efficiencies gained from $60Trn in Global OpEx – a zero-sum spending game.

Our PT reflects 22x our 2028 EPS estimate of $7.79 discounted back 1 year.”

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