Stifel Raises Marvell Price Target to $210
Stifel analyst Tore Svanberg raised the price target on Marvell Technology (NASDAQ: MRVL) to $210.00 (from $140.00) while maintaining a Buy rating.
“We expect Marvell to deliver a beat relative to our $2.40bn Apr Q revenue estimate (+8.2% q/q), with upside again likely from Data Center (74% of Jan Q revenue), led by optical interconnects and the continued ramp of the company’s lead XPU program.
We believe Marvell could guide Jul Q (F2Q27E) revenue above our current ~$2.59bn estimate (+8% q/ q), supported by accelerating 1.6T optical deployments, AWS Trainium 3 production, and broadening XPU-Attach momentum.
We view optical interconnects, scale-across, and third-party merchant XPU sales beginning to take shape as NT engines of upside, with management now expecting Interconnects to grow +50% y/y in FY27E (up from +30% prior) and DC revenue overall to grow +40% in FY27E (up from +25% prior) and a further +50% in FY28E.
We reiterate Buy and raise our 12-month Target Price to $210 (from $140) based on a 39.2x CY27E P/E multiple.”
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