KeyBanc Reiterates Overweight on Marvell, $400 Price Target

August 28, 2026 Analyst: John Vinh 1 min read Reproduced verbatim

Rating: Overweight; Unchanged
Target: $400; Unchanged
Upside: +183%; MRVL at $141 today

What the analyst said

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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Where the price stands

This target$400Highest$433Lowest$175Today$141Median$300At the note$241

MRVL trades at $141. The 24 analysts who set a target in the last 3 months range from $175 to $433, with a median of $300. This $400 target is 33% above the median.

Since the note MRVL has moved −42% (from $241). 12-month window: day 70 of 365, closes on August 28, 2027.

Track record

This callOpen: MRVL has not reached $400 yet. This 12-month target is scored on July 14, 2027. Same target as this firm’s July 14, 2026 note, so it is scored there.

Firm track recordKeyBanc: 79% of its 24 targets at least a year old were reached within 12 months (#13 of 26 firms). Accuracy ranking →

Earnings reactionOne of 11 notes after Marvell’s Aug 27 results: 5 raised · 1 cut · 5 kept. See every call →