Needham Raises Marvell Price Target to $270

Needham analyst N. Quinn Bolton raised the price target on Marvell Technology (NASDAQ: MRVL) to $270.00 (from $118.00) while maintaining a Buy rating.

“Marvell reported F1Q27 results slightly ahead of our expectations and issued guidance above estimates.

Our key takeaways include: 1) Management now expects FY27 total revenue up +40% Y/Y, with FY28 revenue accelerating to +45% Y/Y, driven by continued strength in interconnect and custom silicon; 2) MRVL’s custom silicon revenue is forecast to grow >20% Y/Y in FY27 driven by both existing and new wins; 3) The scale-up optics business is now expected to increase >$300MM in FY28 (vs. prior outlook of $150MM), driven by both organic and Celestial AI growth; and 4) Interconnect is expected to grow >+70% Y/Y (vs. prior expectation of +50%).

Management cited CPU growth as a tailwind, specifically across NICs, PCIe switches and retimers.

We increase our 12-month PT to $270, based on a ~30x P/E multiple of our new CY28 NG EPS estimate of $9.00.”

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