Marvell (MRVL) PT Raised to $135 at Piper Sandler

Piper Sandler analyst Harsh Kumar raised the price target on Marvell (NASDAQ: MRVL) to $135.00 (from $85.00) while maintaining a Overweight rating.

The analyst commented: "MRVL delivered a power punch this evening on its earnings call, not only guiding for the quarter but also providing vivid color on FY27 and FY28 potential. Marvell noted that it has visibility and orders backing up some of the guidance provided for the out-years. We believe the commentary from the call should alleviate a lot of concerns revolving around design wins and ramps at MRVL's major HPC customers for custom XPUs. We are substantially increasing our EPS and revenue estimates for FY27 and introducing what we see as compelling revenue and EPS estimates for FY28. In addition, MRVL announced the acquisition of Celestial AI for roughly $3.25 billion. Celestial AI propels MRVL into photonic fabric, effectively doing away with copper and optical wires in the future and leading to direct chip level optical connections. Overall, we are enthused by what we heard. Reiterate OW, PT to $135."

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