Stifel Reiterates Buy on Marvell, $350 Price Target

Stifel analyst Tore Svanberg reiterated a Buy rating and $350 price target on Marvell (NASDAQ: MRVL) on August 28, 2026.

“July Q beat with revenue of $2.74bn (+13.3% q/q) coming in +1.5% vs. our $2.70bn estimate, driven by strong demand across Data Center (+18% q/q), while Communications & Other declined -3% q/q.Raised Oct Q outlook, with $3.15bn revenue midpoint (+15.0% q/q) +5.1% vs. our prior $3.00bn estimate, with Data Center growth expected to continue leading the way and now anticipated to grow +60% in FY27E (up from +50% prior).Marvell’s Data Center business continues to experience broad-based strength, supporting FY27E/FY28E revenue raises to ~$12bn/$18bn.

Scale-up optics was the key upside surprise within the FY28E raise, though growth is broad-based, while Custom inflects in F2H27 with upside bias to FY29E following the Google deal.

Operating leverage now supports achieving the 38% to 40% LT OM model in F4Q27E and into FY28E.We reiterate our Buy rating and our 12-month Target Price of $350, representing a 53.1x CY27E P/E multiple.”

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