BofA Securities Raises Marvell Price Target to $125

BofA Securities analyst Vivek Arya raised the price target on Marvell Technology (NASDAQ: MRVL) to $125.00 (from $110.00) while maintaining a Buy rating.

“On Tuesday morning, MRVL and NVDA announced a strategic partnership to enable heterogeneous AI infrastructure under the NVLink Fusion ecosystem.

The companies also extended their existing optics collab through the SiPho/CPO tech (2028 and beyond) and partnered to address the rising telecom AI-RAN market.

Overall, we view this partnership highlights for MRVL: 1) increasing role as ‘the Switzerland of connectivity’ supporting every standard across PCIe, CXL, NVLink, UALink, and Ethernet; 2) scale-up switch validation, with either copper (2026-27 w/ XConn) or optics (2027-28 w/ Celstial AI assets) tech; 3) full-stack rack-scale AI compute platform capability via NVLink; 4) deep engagement in the NVDA ecosystem, unlike AVGO/AMD which support competing standards; 5) potentially increased visibility into MRVL’s XPU programs (AMZN/MSFT), with conservative FY29/CY28 outlook for MSFT at ~$600mn (vs. ~$2bn supply and ~$185bn capex); and 6) still no direct exposure to OpenAI (unlike other compute vendors) which may have capital concerns.

Reiterate Buy, raise PO to $125 (from $110), now on 28x CY27E PE (incl. SBC) vs. 25x prior, still in-line with AI peers 25x-28x.”

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