Citi reiterates Buy rating on Marvell with $275 price target

Citi analyst Atif Malik reiterated a Buy rating and a $275.00 price target on Marvell Technology (NASDAQ: MRVL) following the company's 2026 Investor Day.

Marvell provided a long-term earnings per share target of $30 by fiscal year 2031, and raised its fiscal year 2028 total revenue outlook to approximately $20B, up from the roughly $18B outlook issued in August. Data Center revenue is expected to grow approximately 80% year-over-year to reach roughly $18B in fiscal year 2028, achieving a target that was previously set for fiscal year 2029.

Marvell also raised its custom business revenue target by $2B, with fiscal year 2029 custom revenue now expected to exceed $12B. The company cited an expanding XPU attach opportunity, including a strategic agreement with Google signed in August, which it described as a roughly $120B opportunity over 6.5 years for custom TPU-attached products. Marvell stated the Google warrant agreement relates to new XPU socket opportunities and is separate from existing merchant connectivity business with Google.

For fiscal year 2031, Marvell set a revenue target range of $70B to $90B, implying a midpoint of roughly $80B and a compound annual growth rate of approximately 55% to 60% from fiscal year 2026 revenue of $8.2B. By segment, the company projects Interconnect revenue of roughly $37.5B, Custom revenue of roughly $30B, Switching and Storage revenue of roughly $10B, and Communications and Other revenue of roughly $2.5B.

Marvell noted its Custom outlook is supported by design-win roadmaps with Google, AWS, Microsoft, and Meta, with no single socket expected to represent more than 10% of revenue. Marvell shares closed at $287.01.

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