Cantor Fitzgerald Raises Marvell Price Target to $190

Cantor Fitzgerald analyst C.J.

Muse raised the price target on Marvell Technology (NASDAQ: MRVL) to $190.00 while maintaining a Neutral rating.

“We look for MRVL to report a modest beat for April Q results, followed by a modest raise for July Q guidance with upside led by Data Center.

We see particular strength in Optics and Switching, coupled with sustained growth in Custom Silicon.

With positive commentary this earnings season from hyperscalers, all eyes will turn to the uplift in Marvell’s DC (and total revenue) guide for CY26/CY27.

For FY27, we expect an uptick in mgmt. commentary where we see the company guiding DC revenue growth to +50% Y/Y, driven by Optics upside (vs. last Q’s guidance of +40% Y/Y).

For FY28, where MRVL previously guided revenues to reach $15B and up nearly +40% Y/Y, we believe it may be a bit early for the company to provide a more granular update, with mgmt. more likely highlighting that the overall environment is shaping up better than expected 90 days ago.

Though given likely greater contributions from Maia and stronger DSP demand, there is clearly room for MRVL to raise revs to $15.5B or higher. On the Custom Silicon side, all eyes remain on Trainium volumes given multi-sourcing, the timing and slope of the upcoming Maia ramp, and potential announcements around a partnership with Google for a companion chip to TPU (as well as other potential business).

Shares have performed very well, with MRVL up nearly +130% YTD (vs. SOX of +73%), and it is unclear to us how much of a beat is required to sustain outperformance.

Based on our updated SOTP analysis, we raise our price target to $190.

Considering where shares are today (~$195), we maintain our Neutral rating, with additional upside dependent on sustainability of robust Optical DSP strength into CY27, potential for higher multiple on custom silicon biz, and greater confidence in revenue contributions from CelestialAI/XConn.”

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