Cantor Fitzgerald Raises Marvell Price Target to $220
Cantor Fitzgerald analyst C.J.
Muse raised the price target on Marvell Technology (NASDAQ: MRVL) to $220.00 (from $190.00) while maintaining a Neutral rating.
“With MRVL benefiting from many architectural pieces for AIoptimized infrastructure (high-speed optical interconnect, switching, Serdes, I/O, etc.), the company’s outlook suggests CY28 EPS approaching $10 (cons $7.65).
Now, obviously, the stock run from ~$80 in early March to ~$200 today reflects much of this upside.
We have heard more bullish expectations from some investors ($12+), and it is clearly very early for Marvell to provide a guide for CY28 – so those bullish expectations likely remain.
But assuming a path to $10, we raise our price target to $220 (from $190), representing 22x CY28 EPS. Considering only ~10% upside, we reiterate our Neutral rating.
We do view AI compute sold out as a clear rising tide for Marvell and accelerator peers – so bias will be higher over time – but with NVDA/AVGO trading only ~14x/~17x stretch goal CY27 EPS (and MRVL ~29x) we simply see better upside elsewhere.”
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