Citi reiterates buy rating on Marvell with $275 price target

Citi analyst Atif Malik reiterated a Buy rating and $275.00 price target on Marvell Technology (NASDAQ: MRVL).

Malik noted that Marvell is scheduled to host an Investor Day on October 6 in New York City, where management is expected to address AI data center infrastructure networking opportunities. The analyst cited the company's recently raised revenue outlook for fiscal years 2027 and 2028, targeting approximately $12 billion and $18 billion, respectively.

The analyst indicated that investor focus is on potential 2030 targets, with expectations of $15 to $20 in earnings per share by that year, assuming 100 to 200 basis points of operating margin expansion from the current 38% to 40% range.

Malik also pointed to investor interest in updates on a prior $10 billion-plus fiscal year 2029 custom revenue target driven by a Google agreement, as well as approximately $300 million in scale-up optics sales related to new design wins.

Shares of Marvell closed at $251.90 prior to the announcement.

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