KeyBanc Reiterates Overweight Rating on Marvell

KeyBanc analyst John Vinh reiterated an Overweight rating and $130.00 price target on Marvell Technology (NASDAQ: MRVL).

“Solid Results and Higher Guidance; Data Center Demand Drives FY27/FY28 Outlook Meaningfully Higher; MRVL reported solid F4Q results, which were slightly better and guided F1Q solidly higher; Additionally MRVL raised its rev outlook for FY27/FY28 meaningfully higher.

Key takes include: 1) Outsized data center demand is driving a significant increase in optical interconnect demand as growth is expected to be 50%+ in FY27 vs.

30%+ prior; 2) DC now expected to grow +40%/ +50% in FY27/FY28 vs. +25%/+40% prior; 3) Custom Compute outlook raised slightly to over 20% in FY27 vs.

20% prior; reits ramp of next-gen (Trainium 2.5/3) and doubling in FY28. As such, we’re raising estimates and remain OW.”

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