Cantor Fitzgerald Raises Marvell Price Target to $350

Cantor Fitzgerald analyst C.J.

Muse raised the price target on Marvell (NASDAQ: MRVL) to $350 (from $330) while maintaining a Neutral rating.

“we highlight GM guided to 57.5% (better than feared given expected dilution from XPU) and Opex expected to grow at ½ the rate of topline (suggesting path to ~49% OM vs. prior model of 39%).

Finally, nearer term, we highlight mgmt. raised its CY27 revenue outlook to $20B (prior $18B), and raised its CY28 Custom Silicon outlook to $12B (prior $10B).

In turn, we are raising our CY27 estimates to $20B/$7.65 (cons $17.7B/$6.54) and CY28 to $32B/$12.50 (cons $25.6B/ $10.16).

As for our price target, we highlight our PT for NVDA assumes 14x CY28 EPS, and AVGO assumes 15x stretch goal CY28 EPS of $40.

Assuming 15x $30 EPS in CY30 discounted back 2yrs, we raise our PT for MRVL to $350 – suggesting 20+% upside from here.

But considering relative upside in compute, particularly NVDA at <10x our CY28 EPS estimate, we maintain our Neutral rating – though to be clear, we see upside risk for all of compute at today’s depressed multiples.”

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