KeyBanc Raises Marvell Price Target to $260

KeyBanc analyst John Vinh raised the price target on Marvell Technology (NASDAQ: MRVL) to $260.00 (from $130.00) while maintaining an Overweight rating.

“Data Center/AI Drives Higher Demand for Optical Interconnect; MRVL reported in-line F1Q (Apr) results and guided F2Q (Jul) higher.

Most of the upside is being driven by increased demand for Optical Interconnect with F27 rev growth being revised up to +70% vs. +50% prior.

Accordingly, MRVL is raising its F27/F28 ests accordingly with DC revs expected to grow +50%/+55% respectively vs. +40%/+50% prior.

XPU and Switch targets remain unchanged for F27, but did indicate XPU revs are expected more than double in F28 (vs. double prior) and reach $10B in F29.

We’re encouraged by these results and as such are raising ests and our PT to $260. Maintain Overweight.”

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