RBC Capital Raises Marvell Price Target to $200

RBC Capital analyst Srini Pajjuri raised the price target on Marvell Technology (NASDAQ: MRVL) to $200.00 (from $170.00) while maintaining an Outperform rating.

“Optical strength to drive another good quarter; We are looking for a slight beat/raise with upside primarily driven by Optical.

We expect Optical momentum to sustain through the year and view the recent NVDA investment as a validation of MRVL’s optical connectivity leadership.

Custom XPU trends also appear solid although near-term upside could be limited due to tight wafer supply.

We expect MRVL to remain a key supplier to AMZN and view AWS’s recent OpenAI/Anthropic partnerships as material LT positives for the company.

MSFT XPU appears on track for early CY27 ramp and MRVL also has multiple XPU-attach custom engagements across hyperscalers.

As such, we expect topline momentum to sustain for the next 2-3 years and reiterate Outperform.”

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