Morgan Stanley Raises Marvell Price Target to $246

Morgan Stanley analyst Joseph Moore raised the price target on Marvell (NASDAQ: MRVL) to $246 (from $224) while maintaining an Equalweight rating on August 28, 2026.

“Solid quarter, but no near term surprises, as the quarter and outlook were in line with prior commentary, and increasing CY27 data center growth from 50% to 60% is a solid proof point.

Expectations were higher, mostly because of the Google (covered by Brian Nowak) relationship announced a few days ago, but that customer was fully contemplated in prior guidance.

We are generally quite positive on the shift in messaging from MRVL, and the long term growth opportunity.

18 months ago it felt that the growth dynamic was significantly tied to big monolithic custom ASIC opportunities; while we like the optionality of that market, competing directly with NVIDIA is hard, and doesn’t always pan out.

We still think there are some headwinds from the Trainium relationship in these numbers.

But the focus on a broad range of “XPU attach” businesses as well as optical connectivity, and more recently scale up which is a totally greenfield opportunity, brings much higher visibility.

That said, MRVL trades differently from other AI names.

They tend to give very bullish long term forecasts than execute to those forecasts, vs other companies that tend to trade more on beats and raises. That puts significant focus on the analyst day.”

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