RBC Capital Reiterates Outperform Rating on Marvell

RBC Capital analyst Srini Pajjuri reiterated an Outperform rating and $115.00 price target on Marvell Technology (NASDAQ: MRVL).

“We view NVDA’s $2b investment favorably as it should solidify MRVL’s strong presence in scale out and scale up optical connectivity markets, strengthen its XPU franchise, and expand SAM through NVLink Fusion & Telecom/Edge markets.

While the equity investment is a surprise, we view it as a validation of MRVL’s connectivity leadership and custom silicon capabilities.

We are leaving our estimates unchanged but see room for upside to FY28 from the partnership. Reiterate Outperform.”

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