Needham Raises Marvell Price Target to $300

Needham analyst N.

Quinn Bolton raised the price target on Marvell (NASDAQ: MRVL) to $300 (from $270) while maintaining a Buy rating on August 28, 2026.

“Marvell reported F2Q27 results slightly ahead of our expectations and issued guidance above estimates.

Our key takeaways include: 1) Momentum is expected to continue into FY28 as management guided to +50% Y/Y revenue growth, up from +45% previously.

Results should be driven by continued strength in interconnect and custom silicon; 2) If all milestones under the previously announced Google agreement are achieved, it could represent up to $120BN of revenue over the next six years; 3) Gross margin in FY28 and FY29 is increasing vs. prior expectations due to an improving mix within the custom silicon business; and, 4) Management stated its FY28 revenue outlook for scale-up optics has increased meaningfully versus prior expectations.

We increase our 12-month PT to $300, based on a ~30x P/E multiple of our new CY28 NG EPS estimate of $10.25.”

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