Oppenheimer Raises Marvell Price Target to $200
Oppenheimer analyst Rick Shafer raised the price target on Marvell Technology (NASDAQ: MRVL) to $200.00 (from $170.00) while maintaining an Outperform rating.
“MRVL reports Wednesday (5/27). We see upside F1Q (Apr.) results and F2Q (Jul.) outlook led by AI networking and custom ASIC as CSPs continue to scale DC builds.
Top four CSP spend expected >$710B this year (vs. Jan 1 expects near $480B), providing robust order visibility for critical infrastructure providers like MRVL.
Mgmt. sees $11B/$15B+ top line in CY26/CY27, respectively. We view these targets as a floor, with material upside possible as advanced wafer capacity improves.
By our work, demand supports CY27 revenue closer to $20B. Lead times stretched 9–12 months.
Optics CAGR 50% the past five years, poised to grow >60% this year led by MRVL’s full optics platform (PAM, DCI, switching, etc). Custom ASIC up >30% this year to $2B led by AWS (Trainium).
Second large AI ASIC (MSFT Maia, $2B PO) begins ramp late this year.
MRVL’s broad AI ASIC/ networking portfolio drives structural growth through decade-end. Reiterate Outperform. Target $200 (prior $170).”
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