Stifel analyst Tore Svanberg raised the price target on Marvell (NASDAQ: MRVL) to $370.00 (from $350.00) while maintaining a Buy rating.

The analyst commented, "New FY31E Framework: $70-90bn of revenue ($80bn midpoint, ~10x FY26 levels) and > $30 of NG EPS, on 56-59% NG GM and 44-46% NG OM. Total company TAM sized at $400bn in CY30. Custom mix shifting toward XPU Attach: Attach drove the FY29E Custom raise and should become a much larger portion of the Custom business by FY31E; 5 Attach product categories detailed. Scale up is the next connectivity leg: Scale up optics reaches multi-hundred-million-dollar revenue in FY28E with thousands of dollars of content per XPU, while scale up switching adds a multi-billiondollar opportunity. Scale out and scale across remain the core: Scale out has multibillion-dollar DSP revenue already and management expects its share to hold through FY31E. Scale across grows from ~$500mn in FY26 to >$1bn in FY28E. We reiterate our Buy rating and raise our 12-month Target Price to $370 (from $350), representing a 33.0x CY27E P/E multiple."