Stifel Reaffirms Buy on Marvell, $350 PT
Stifel analyst Tore Svanberg reiterated a Buy rating and $350 price target on Marvell (NASDAQ: MRVL).
“On Tuesday, September 22, 2026, we hosted a group of investors for a booth meeting with Marvell at ECOC 2026 in Malaga, Spain, attended by Xi Wang, SVP/GM Connectivity and Russ Esmacher, SVP/GM Data Center Interconnect.
Key takeaways below…First to Sample 2nm DSPs: Marvell expects to sample 2nm products at the end of CY26, ramping C2H27, spanning PAM4 and coherent/coherent-lite modulation.
Management frames 2nm capacity, not just node access, as a durable edge.Well-Positioned Across Connectivity Topologies: Solutions span copper, pluggables, CPO, NPO, and LRO.
But as attention rotates to CPO/NPO, we think pluggables are underappreciated, with unit volume expectations increasing across scale-up, scale-out, and scale-across applications.TIA Leadership Backed by New SiGe Capacity; XPU Attach Could Exceed XPU: Marvell expanded SiGe capacity with GF, supporting TIA leadership.
Separately, XPU Attach framed as potentially larger than the XPU TAM itself, a likely focus at the Oct 6 Investor Day.”
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