Marvell (MRVL) PT Raised to $70 at Stifel Into Earnings Results

Stifel analyst Tore Svanberg raised the price target on Marvell (NASDAQ: MRVL) to $70.00 (from $68.00) while maintaining a Buy rating. The analyst highlighted:

• Expect Jul Q results at high-end of MRVL’s recently-narrowed guidance range, which includes ~$215mn expected contribution from a full-Q of IPHI and representing ~5% q/q organic growth for standalone MRVL.
• Could deliver possible Oct Q revenue upside to our $1,128.9mn estimate (+6.0% q/q growth), based on: (1) accelerating 5G deployments in N.A. and Europe + resumption in China 5G; tailwinds in Enterprise (incl. refreshed Ethernet portfolio); and (3) IPHI contribution (ongoing 200G/400G + 400ZR ramp).
• Longer-term, we believe MRVL is very well-positioned ahead of multiple secular growth drivers, including both organic (expanded 5G/O-RAN & data-center accelerator/DPU portfolio, refreshed enterprise switch/PHY offering, custom/DIY SSDs, nearline HDDs) and via highly strategic M&A (Cavium, Avera, Aquantia, Inphi – and most recently, Innovium).
• Therefore, we reiterate our Buy on Marvell, as a unique full-service, high performance Data Infrastructure powerhouse with critical fundamental building blocks developed on leading-edge process technology platforms.

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