Stifel Reiterates Buy on Marvell, $350 PT

Stifel analyst Tore Svanberg reiterated a Buy rating and $350 price target on Marvell (NASDAQ: MRVL).

“We expect Marvell to deliver a beat relative to our $2.70bn Jul Q revenue estimate (+11.7% q/q), with upside likely again from Data Center (76% of Apr Q revenue), led by optical interconnects and the continued ramp of the company’s lead XPU program.

We believe Marvell could guide Oct Q (F3Q27E) revenue above our current $3.00bn estimate (+11.0% q/q), supported by an accelerating Interconnect business, XPU flagship program production, and a continued expansion of XPU-Attach strength.

We view optical connectivity, scale-across, and XPU-Attach products as potential NT engines of upside, with management now expecting Interconnects to grow +70% y/y in FY27E (up from +50% prior) and DC revenue overall to grow +50% in FY27E (up from +40% prior) and a further +55% in FY28E.

We reiterate Buy and maintain our 12-month Target Price of $350 (60.0x CY27E P/E).”

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