Wells Fargo Raises Marvell Price Target to $195
Wells Fargo analyst Gary Mobley raised the price target on Marvell Technology (NASDAQ: MRVL) to $195.00 (from $135.00) while maintaining an Overweight rating.
“Significant AWS Trainium Expansion Ahead.
MRVL has guided its Custom XPU rev growth at >20% y/y in FY27, but more notably guided FY28 at +2x y/y – driven by ramping AWS Trainium v2 + v3 deploys + Microsoft Maia ($700M+ in FY28).
We see investor sentiment focused on MRVL’s upside to 30-40%+ y/y growth driven by AWS’ own expansion, and more notably, incremental growth driven by OpenAI (late-Feb) & Anthropic Trainium commitments; AMZN reporting $225B in Trainium commits exiting C1Q26.
Wells’ Analyst, Ken Gawrelski, currently ests AWS’ Trainium GW capacity deploy will expand by >2GWs per annum in CY27-CY29.
If we were to simply (conservatively) assume Trainium deploys at only ~$3B/GW (vs Broadcom’s $10-$20B/GW), we would arrive at MRVL’s Trainium-only rev progressing into $5.5-$6.0B/annum+ range vs our / Street current FY27 and FY28 Custom XPU rev at $2.15B / $2.06B and $4.57B / $3.93B, respectively.
We think upside could be framed in the $5-$6B+ per GW range.”
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