KeyBanc on Marvell (MRVL): 'Strong Results and Guide from DC Strength'

KeyBanc analyst John Vinh reiterated an Overweight rating and $400.00 price target on Marvell (NASDAQ: MRVL).

The analyst commented: "Strong Results and Guide from DC Strength; MRVL reported slightly higher F2Q (Jul) and guided F3Q (Oct) higher. DC strength was noted to be broad-based across interconnect, networking, and custom XPU with F2Q/F3Q DC growth of +46% y/y/+74% y/y. Accordingly, MRVL is raising its FY27/FY28 outlook with DC revs expected to grow +60%/ +60%+ respectively vs. +50%/+55% prior. MRVL would not quantify the GOOGL Warrants ($120B), but noted FY27/FY28 has largely baked this in, but noted it would represent meaningful upside to FY29 Custom XPU revs of $10B+. We're encouraged by these results and as such raise ests. Maintain Overweight."

For an analyst ratings summary and ratings history on Marvell click here. For more ratings news on Marvell click here.

Shares of Marvell closed at $241.45 yesterday.

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