Rosenblatt Affirms Buy on Marvell, $300 Price Target

Rosenblatt analyst Sajal Dogra reiterated a Buy rating and $300 price target on Marvell (NASDAQ: MRVL).

“Marvell’s Analyst Day brought the full breadth of its franchise into focus.

In vivid Technicolor, interconnect, custom silicon, and switching and storage combined to reveal earnings power that an isolated ASIC win/loss debate would miss.

The $80B FY31 revenue midpoint and more than $30 of EPS give substance to the leading-edge picks-and-shovels thesis we laid out.

In a world of trillion-dollar CapEx forecasts where billion-dollar businesses are rounding errors, Marvell provided a pragmatic framework, largely supported by programs already won, with growth reflecting a substantial increase in its content across AI infrastructure.

The margin outlook was surprisingly constructive: 57.5% midpoint of the long-term GM range sits just 50 bps below the 3QFY27 margin outlook despite a custom revenue mix that’s expected to double by CY30.

Richer attach economics and connectivity growth help offset custom XPU dilution, while IP reuse and operating discipline support expansion toward 44-46% operating margins.

We suspect the timing on the revenue ramp and operating expense growth might not be as linear as an extrapolation to CY30 might suggest, though we suspect the goal is clearly to hold gross margins flat while driving annual op margin expansion of ~150 bps.

We leave our published estimates unchanged and reiterate our Buy rating and $300 price target, based on 28x our FY29 EPS framework.”

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