Needham analyst N.

Quinn Bolton raised the price target on Marvell (NASDAQ: MRVL) to $400 (from $300) while maintaining a Buy rating.

“Yesterday, we attended Marvell’s 2026 Analyst Day in NYC.

Our key takeaways include: 1) The company provided a long-term model targeting $70-90BN of revenue and >$30 of NG EPS in FY31; 2) At the FY31 revenue midpoint of $80BN, interconnect is expected to account for ~$37.5BN, Custom is projected at ~$30BN, Switching and Storage is forecast to reach ~$10BN, and Comms and Other is anticipated to hold flat at ~$2.5BN; 3) the FY28 revenue outlook was raised to $20BN (from $18BN), driven by the data center connectivity portfolio; and 4) The company raised its FY29 custom revenue target to >$12BN (from ~$10BN), supported by semi-custom and IP-led solutions across networking, storage, memory, security, and inference acceleration.

We increase our 12-month PT to $400, based on a ~31x P/E multiple of our new CY28 NG EPS estimate of $13.00.”

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Tracking this call

This callScored on Apr 8, 2027, six months after the note: did MRVL reach $400?

Firm track recordNeedham reached 86% of its 14 scored targets within six months (#1 of 31 firms). Accuracy ranking →

Needham on Marvell · target history
May 28, 2026 · $270 · Buy Aug 28, 2026 · $300 · Buy Oct 7, 2026 · $400 · Buy · this note
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