Wolfe Research Raises Marvell Price Target to $280

Wolfe Research analyst Chris Caso raised the price target on Marvell (NASDAQ: MRVL) to $280 (from $250) while maintaining an Outperform rating on August 28, 2026.

“MRVL reported a beat / raise quarter, driven by broad-based strength across its connectivity franchises.

Demand across its core franchises remains robust, and the company continues to work on securing additional supply in the face of industry-wide constraints.

As a result, MRVL raised its FY27 guidance to ~$12bn (vs prior $11.5bn) and its FY28 guidance to $18bn (vs prior $16.5bn) – or ~50% growth y/y.

It appears that the improvement was broadly based, with the upside driven by a combination of better demand (across optical and custom), coupled with better supply.

Notably, this revised guidance doesn’t yet include a substantial impact from the newly announced Google custom business, which isn’t expected to have a significant impact until FY29.

Management commentary for the custom business is for that buiness to more than double in FY28, and grow to >$10bn in FY29 – consistent with what it has said in the past.

But MRVL refrained from providing any additional color on the Google deal anounced last week.

The company didn’t push back on the ~$120bn potential value for the engagement (240 tranches of warrants and $500mn rev / tranche), but also didn’t provide any details on the composition or timing of the Google revenue.

But we think that the potential for $20bn incremental annual revenue potential could potentially be transformational for MRVL in the context of current estimates of $18bn FY28 rev.

We believe MRVL is likely saving commentary for its October Analyst Day, which now represents a catalyst.

Our estimates move higher following the company’s updated guidance – we now model ~$6.57 FY28 EPS on ~$18bn in revenue / 57.5% GMs.

That puts the stock at a ~33.5x multiple on the AH price – somewhat above MRVL’s 5-YR average multiple of 26x. But incremental Google revenue, if fully realized, could add $7 to annual EPS.

Net, results were very strong without Google – and adding that additional revenue could be transformational.”

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