Raymond James Reaffirms Strong Buy on Marvell, $235 PT
Raymond James analyst Simon Leopold reiterated a Strong Buy rating and $235 price target on Marvell (NASDAQ: MRVL) on August 19, 2026, after the company signed a custom chip deal with Google and issued warrants.
“Strong Buy rated Marvell signed a new customer silicon/warrant deal with Google, which aligns the two entities and bodes well for future sales.
Google gets equity upside only if its custom silicon spend with Marvell actually scales, and Marvell’s cost is contingent and non-cash rather than a purchase obligation.
As a reminder, our investment thesis has been predicated on an underappreciated ASIC business and stickiness of pluggable re-timed optical transceivers, not the PCIe/UALink switch/retimer success.
We have focused on exposure to Amazon and Microsoft and had not incorporated Google into our assumptions.”
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.
This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.
