Piper Sandler Initiates Marvell at Overweight, $270 PT
Piper Sandler analyst David O’Connor initiates coverage on Marvell (NASDAQ: MRVL) with a Overweight rating and a price target of $270.
“MRVL is a key player in datacenter components with ~10% market share and leading franchises in DSP and custom attach connectivity.
Its deep relationships with hyperscalers, as well as recent acquisitions (Celestial AI), positions it very well to win custom share and ride the next optical (CPO) networking wave.
The $120B Google agreement is validation of the strategy and transformative for the company, driven by TPU attach programs starting in FY29E.
We see the Oct-6 analyst day as an opportunity for the company to lay out the LT model, and we view it as a catalyst for the stock.
We estimate EPS growing at a ~45% CAGR, driving $19 in earnings by CY30E.
We initiate at OW setting our PT to $270, based on CY30 P/E multiple of 18x.”
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