Stifel Reiterates Buy on Marvell, $370 Price Target

Stifel analyst Tore Svanberg reiterated a Buy rating and $370 price target on Marvell (NASDAQ: MRVL).

“While Marvell is best known for its optical DSPs, management stressed on our NDR that its strength extends to the TIAs and drivers that sit at the boundary between the optical and electrical domains in every optical connection.

Management said Marvell is leading the market on 1.6T TIAs and drivers, commanding dominant share.

Additionally, management noted that owning the DSP is a structural advantage in analog design: co-designing the DSP, driver, and TIA as a chipset with hyperscalers years ahead of deployment gives Marvell early visibility into next-generation designs, which is why it tends to be first to each new bandwidth cycle.

Looking beyond today’s 200G/lane generation, Marvell’s Investor Day roadmap extends its DSP, TIA, and driver platform through 3.2T and 6.4T, and its 400G light engines slated for CY27 use Marvell drivers and TIAs either as discrete SiGe chips (Fast Pipe) or integrated into a single ASIC (Flat Pipe).

Supply, not just design, is also a differentiator, supported by a recently expanded multi-year agreement with GlobalFoundries (GFS) in September to add SiGe capacity for next-gen pluggables, NPO, and CPO, as well as Marvell’s long-standing partnership with Tower Semiconductor (TSEM).

With the TIA/driver business scaling toward a >$1bn annual run rate, we view high-speed analog as an underappreciated capability and growth driver for Marvell, especially as integrated optics begin layering into the model.”

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