Susquehanna Raises Marvell Price Target to $340

Susquehanna analyst Christopher Rolland raised the price target on Marvell (NASDAQ: MRVL) to $340 (from $265) while maintaining a Positive rating.

“On Tuesday, Oct. 6, Marvell hosted its 2026 Analyst Day.

These were the main highlights of the event: 1) Marvell introduced a revenue target of $80B (midpoint) in FY31, driven by an ~55-70% CAGR in its DC business; 2) by product category, the company estimated it can reach ~$37.5B of Interconnect revenue in FY31 (~65% CAGR), ~$10B of switching and storage revenue (~45% CAGR), ~$30B of custom revenue (~80% CAGR) and ~$2.5B of Comms revenue (>3% CAGR); 3) nearer term, the company raised its FY28 revenue outlook to ~$20B from ~$18B previously as the company expects its DC segment to grow ~80% in FY28 to ~$18B; 4) on the supply side, the company confirmed it had secured all the required supply to deliver on this new ~$20B target; 5) the company also raised its FY29 custom target from ~$10B to $12B+, driven by its expanding custom XPU attach opportunity (includes recent Google announcement); 6) regarding the financial model, the company expects GMs to remain between 56-59%, with opex rising at half the rate of revenue growth through FY31, aggregating to >$30 of EPS in FY31; 7) Marvell sees its TAM growing at an ~45% CAGR through CY30 to ~$400B, driven nearly exclusively by the rapidly expanding DC end market; 8) the custom market represents the vast majority of this TAM (~$235B), followed by Switching and Storage (~$85B) and Interconnects (~$65B); 9) regarding networking, the company expects to ship 400G-based SerDes products next year; 10) the company is particularly bullish on its nearing scale-up opportunity on both the switching and optical side, which it believes will become multibillion-dollar businesses; 11) regarding scale-in, the company is in early customer engagements here and believes this new market could eventually become a multibillion-dollar market; 12) for DCI, the company expects this business to grow from ~$500M in FY26 to >$1B in FY28, with a “clear path” to multibillion dollars through FY31; 13) lastly, on the manufacturing side, the company is pioneering new materials and new integration methods using SiGe, InP, SiPho and TFLN for next-gen ASICs.

We reiterate our Positive rating and raise our price target from $265 to $340 (~67.5x C2027E EV/NOPAT).”

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