Rosenblatt Raises Marvell Price Target to $240
Rosenblatt analyst Kevin Cassidy raised the price target on Marvell Technology (NASDAQ: MRVL) to $240.00 while maintaining a Buy rating.
“Despite raising CY26/CY27 outlook by $500M/$1.5B, Marvell delivered a somewhat muted beat and raise.
The upside was clouded by increased operating expense and share dilution stemming from the Celestial AI acquisition, alongside a 150-200 bps gross margin headwind in CY27 from the Custom AI ASIC ramp.
Net-net, our CY27 revenue/EPS gets revised to $16.5B/$6.00 (+9%/+7%) vs. cons $15.2B/$5.60 and prior guide of $15.0B/$5.00.
Given the stock’s massive 125% run-up since 1Q26, expectations were clearly higher.
However, investors should not lose sight of the broader thesis: Marvell is expected to compound revenue and earnings at a 40-50%+ and 50%+ CAGR over the next few years.
MRVL’s technologies remain the bedrock of key architectural transformations in the data center—spanning custom ASIC efforts and scale-up, scale-out, and scale-across networking.
Further catalysts, such as scale-up momentum in optics and switching, a rumored custom ASIC ramp with new customer Google, add to our conviction.
We are raising our estimates and our price target to $240, based on a 40x multiple of our $6.00 CY27 EPS.”
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