KeyBanc Reiterates Overweight on Marvell, $400 PT
KeyBanc analyst John Vinh reiterated an Overweight rating and $400 price target on Marvell (NASDAQ: MRVL) on August 28, 2026.
“Strong Results and Guide from DC Strength; MRVL reported slightly higher F2Q (Jul) and guided F3Q (Oct) higher.
DC strength was noted to be broad-based across interconnect, networking, and custom XPU with F2Q/F3Q DC growth of +46% y/y/+74% y/y.
Accordingly, MRVL is raising its FY27/FY28 outlook with DC revs expected to grow +60%/ +60%+ respectively vs. +50%/+55% prior.
MRVL would not quantify the GOOGL Warrants ($120B), but noted FY27/FY28 has largely baked this in, but noted it would represent meaningful upside to FY29 Custom XPU revs of $10B+.
We’re encouraged by these results and as such raise ests. Maintain Overweight.”
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