Stifel Reiterates Buy Rating on Marvell (March 16)

Stifel analyst Tore Svanberg reiterated a Buy rating and $120.00 price target on Marvell Technology (NASDAQ: MRVL).

“On Monday, March 16, 2026, Marvell (MRVL) and Lumentum (LITE) announced a joint demonstration at OFC 2026 (Marvell booth #1600).

The presentation will showcase the interoperability of MRVL’s optical connectivity solutions with LITE’s OCS to highlight low-latency, energyefficient network fabrics… In our view, the demonstration of 1.6T interoperability with LITE incrementally validates MRVL’s full-stack connectivity narrative.

Within racks, the integration of Celestial AI and XConn provides MRVL with a comprehensive scale-up portfolio to address bandwidth and power bottlenecks in next-generation AI clusters.

While back-end AI fabrics remain the primary focus, we believe DCI continues to be a vital component of infrastructure as hyperscalers link multiple sites to form gigawatt-scale campuses, with MRVL’s 1.6T ZR/ZR+ DCI modules expected to begin sampling later this year.

The 1.6T transition presents greater technical challenges than previous cycles, favoring systemlevel solutions that this joint demonstration aims to provide.”

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