Marvell (MRVL) PT Raised to $110 at Oppenheimer

Oppenheimer analyst Rick Shafer raised the price target on Marvell (NASDAQ: MRVL) to $110.00 (from $90.00) while maintaining a Outperform rating.

The analyst commented: "MRVL reports Tuesday (12/3). We see upside to F3Q (Oct) print and F4Q (Jan) guide led by custom compute and networking/optics. CSP/hyperscale AI builds remain early innings. AI-related on track to surpass mgmt sales targets of $1.5B/$2.5B in CY24/CY25. Conversations reveal investors modeling $2B AI ASIC next year. We see MRVL’s four projects (Trainium, Inferentia, Axion, and Maia) potentially supporting revenues 2x that. Trainium alone could approach $2B, in our view. Trainium/Axion now ramping, Inferentia next year, Maia as early as 4Q25. 1.6T PAM4 DSP ramping, contribution $10Ms in F4Q; 1.6T/800G cross-over likely 1H CY26. We see 51.2T TL10 (ToR switch) sales also $10Ms in F4Q. Non-DC segments (carrier, enterprise, storage) expected to broadly improve, driving additional upside. We see GM 60%+/- long-term. MRVL’s structuralgrowth, led by cloud DC AI, accelerating into CY25. We reiterate our Outperform rating. New target $110 (prior $90)."

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