Barclays Upgrades Marvell to Overweight

Barclays analyst Tom O’Malley upgraded Marvell Technology (NASDAQ: MRVL) from Equalweight to Overweight with a price target of $150.00 (from $105.00).

“The last few months of 2025 saw the stock weighed down by narratives surrounding Trainium share loss and issues with 1.6T DSPs (see our downgrade).

The major change since the DG is that industry checks suggest Optical ports should double in 2026 and double again in 2027.

Our math implies that Optical could grow ~90% for MRVL this year and next, even with some share shift to AVGO.

We lay out a scenario below that shows that even when eliminating MSFT entirely, no unit growth at AMZN, and discounting XPU attach we still get to ~$5 of earnings.

We don’t agree with those assumptions and in fact are more confident in MSFT ramping after the NVDANVLink Fusion announcement.

This story will come down to executing on a well understood and bullish forecast and we think the narrative is shifting more towards Optics where it belongs. Our PT moves to $150.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.