Marvell (MRVL) PT Raised to $325 at Oppenheimer

Oppenheimer analyst Rick Shafer raised the price target on Marvell (NASDAQ: MRVL) to $325.00 (from $300.00) while maintaining a Outperform rating.

The analyst commented: "MRVL reported upside F2Q (July) results and F3Q (Oct.) outlook Thursday, led by DCAI. Mgmt. again raised CY26 top-line outlook. Now $12B (up from $11.5B last Q and $9.5B provided in Sept. ’25). CY27 top line now expected $18B (vs. $16.5B outlook in May, $15B in March). Bulk of raise driven by interconnect with additional upside from custom. Custom tracking north
of $2B this year, expected to more than double next. XPU programs multi-generational. Trainium and Maia programs on track, the latter contributing initial $700M next year. Mgmt. highlighted expanded GOOG partnership. Full vesting of warrants imply $120B cumulative GOOG purchases over ~7 years if milestones met, 10x current run-rate. Deal drives material upside beginning CY28, though mgmt. is holding specifics for Oct. 6 AD. GOOG contribution could average $25B/year CY28-CY33. Custom ASIC revenues dilutive to GM (OM neutral). GM expected steady at 58% F3Q through CY27. We model OM expansion to 40% (high end of 38%-40% target) by EOY CY27. We look for mgmt. to increase OM targets at AD. DCAI leverages content/share wins combined with fast-rising AI TAM to drive continued upside across MRVL's full suite copper/optical portfolio. Reiterate Outperform. Target $325 (from $300)."

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