Bank of America Raises Marvell Target to $110 After Q4 Revenue Up 22%
Bank of America upgraded Marvell to buy and raised its price target to $110 from $90 after a fiscal Q4 beat. Marvell posted Q4 revenue of $2.219 billion (up 22%), full-year revenue of $8.195 billion (up 42%), non-GAAP EPS of $0.80, and guided Q1 revenue at $2.4 billion.
1. Bank of America Upgrade
Bank of America raised its rating on Marvell to buy and increased its price target to $110 from $90, highlighting Marvell’s expanding AI optical connectivity business and greater visibility on custom chip programs with Microsoft and Amazon.
2. Q4 Financial Performance
In fiscal Q4, Marvell recorded revenue of $2.219 billion (up 22% year-over-year) and non-GAAP EPS of $0.80, while full-year revenue reached $8.195 billion (up 42%), driven by a record $1.65 billion in data center sales, which accounted for 74% of total revenue.
3. Guidance and Growth Drivers
Marvell guided Q1 fiscal 2027 revenue at $2.4 billion, well above prior estimates, and forecast that custom silicon revenue will grow more than 20% in fiscal 2027 and double again by fiscal 2028, underscoring strong demand for its custom processor offerings.