Evercore ISI Reaffirms Outperform on Marvell, $433 Price Target

Evercore ISI analyst Mark Lipacis reiterated an Outperform rating and $433 price target on Marvell (NASDAQ: MRVL).

“We Remain Buyers of MRVL post its analyst day where the company increased its FY28 outlook and provided a FY31 target model that translates to $30 of EPS power by 2030.

Three things struck us about the analyst day: 1) the company has invested $40bn in both M&A and organic R&D to develop a broad and deep set of IP targeted to delivering interconnect and processor solutions for emerging AI workloads; 2) the combination of MRVL’s unique IP portfolio and flexible business model has positioned it as a key supplier of merchant, semi-custom and custom solutions to hyperscalers, each of which is implementing different network and data center topologies; 3) At $12bn of estimated CY26 revenues, MRVL is small enough that its visibility into $70-$90bn in CY30 revenues positions it to deliver 7x revenue growth over the next four years, making it one of the fastest growing companies in our coverage universe.

We increase our price target to $433, which is based on 18x our CY30 EPS estimate of $32, discounted back by 3 years.”

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