UBS analyst Timothy Arcuri reiterated a Buy rating and $310.00 price target on Marvell (NASDAQ: MRVL).

The analyst commented, "MRVL delivered a modest beat/raise, though we suspect the result was viewed more as a meet rather than beat by an investor base that had grown increasingly constructive into the print amid strong optical/interconnect commentary across the group and heightened expectations following the recently announced $120B Google warrant. MRVL increased FY27 revenue expectations by ~$0.5B and FY28 by ~$1.5B, driven by stronger interconnect/optical trends, improving confidence in key custom ASIC programs, and continued momentum in switching. Even so, we suspect much of this was already reflected in buy-side models. Importantly, Google commentary remained skewed toward XPU attach, with limited incremental detail on the inference accelerator itself and a discussion of the range of outcomes deferred to the October 6 Analyst Day. Management also noted that Google warrant programs shipping in FY27/FY28 are already largely reflected in the outlook, with more meaningful upside expected in FY29 and beyond."

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Shares of Marvell closed at $241.45 yesterday.