Stifel Raises Marvell Price Target to $230
Stifel analyst Tore Svanberg raised the price target on Marvell Technology (NASDAQ: MRVL) to $230.00 (from $210.00) while maintaining a Buy rating.
“Slight Apr Q beat with revenue of $2.42bn (+9.0% q/q) coming in +0.7% vs. our $2.40bn estimate, driven by strong demand across the Data Center segment (+11% q/q), while Communications & Other grew +3% q/q.
Raised Jul Q outlook, with $2.70bn revenue midpoint (+11.7% q/q) +4.2% vs. our prior $2.59bn estimate, with Data Center growth expected to continue leading the way and now expected to grow +50% in FY27E.
Marvell’s DC business continues to fire on all cylinders, supporting raised guides for FY27/28E and visibility into FY29E.
The Custom business is setting up for a FY28E inflection, while Marvell has built a full suite of Interconnect products driving a raised +70% guide for the segment in FY27E.
We reiterate our Buy rating and raise our 12-month Target Price to $230 (from $210), representing a 39.4x CY27E P/E multiple.”
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