UBS Raises Marvell Price Target to $310

UBS analyst Timothy Arcuri raised the price target on Marvell (NASDAQ: MRVL) to $310 (from $300) on August 20, 2026, while maintaining a Buy rating.

“This morning MRVL disclosed an expanded commercial agreement with Google spanning a range of custom silicon programs that “attach to the TPU ecosystem,” including AI inference accelerators, storage controllers, NICs, memory interface controllers and near-memory compute.

This is consistent with our research that it is already supplying products like CXL/storage controllers and custom networking/NICs and we interpret this to confirm the expansion of the relationship to include a fast inferencing (likely SRAM) solution that would work with TPU for disaggregated inference.

Google is clearly working with a wider array of XPU/XPU attach suppliers, but this is not a new dynamic and we would temper any negative read-through to AVGO as we do not believe MRVL (or AMD) will be doing a new version of TPU and AVGO has shown relatively littler interest in the XPU attach market anyway.

The headline math is impressive: the warrant structure vests across 240 tranches tied to each $500MM of custom product revenue, implying up to $120B of cumulative revenue over ~7 years, or ~$18B/year on average if fully realized.

We see this not as committed revenue or a forecast, but rather as a maximum-scale framework.

Put differently, the magnitude of the agreement underscores that the Google opportunity is likely measured in many tens of billions of dollars rather than hundreds of millions.

We are already reflecting some contribution from the Google business in optical/Networking, CXL attach and other custom silicon programs in our numbers, and it strikes us that the majority of this opportunity likely sits beyond the C28 timeframe given design cycles times for new programs to reach a full ramp.

Still, we think the agreement could offer a path to an EPS power of $10 by 2028 and $15 by 2030.

Net, we are raising our C2028 Revs/EPS estimates from $24.4B/$9.82 to $25.9B/$10.31 and our price target moves from $300 to $310. We reiterate our Buy rating.”

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