Piper Sandler Raises Marvell Price Target to $400

Piper Sandler analyst David O’Connor raised the price target on Marvell (NASDAQ: MRVL) to $400 (from $270) while maintaining an Overweight rating.

“Marvell surpassed expectations at its Investor Day yesterday, introducing a FY31 revenue target of $70-90B and >$30 of EPS ($30 in 2030), well above PSCe and consensus estimates.

Management pitched MRVL as a “Connectivity-First” company, with connectivity opportunities dominating future revenue growth.

Pivoting away from Compute (as we flagged link), the custom story is all about “Attach.” While in Interconnect the next leg of optical growth will layer in with NPO in H2’27 and CPO further out.

With design-wins secured and multiple shots on goal to unlock FY31 targets, we came away impressed and view the investment case as even more compelling.

We raise FY28/31 EPS estimates 12%/60% and lift our discounted FY31 P/E based PT to $400, using 18x multiple (unchanged). We remain OW and like an optical/networking AI bias heading into 2027.”

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