Marvell Sees FY28 Revenue Jump to $15B, Receives Buy Ratings
Benchmark and Bank of America upgraded Marvell to Buy after forecasting fiscal 2028 revenue of nearly $15 billion, well above $12.92 billion consensus estimates. The chipmaker also raised its fiscal 2027 revenue outlook to nearly $11 billion, projected 30% growth, and guided Q1 revenue to $2.40 billion.
1. Ratings Upgrades
Benchmark and Bank of America both raised Marvell Technology to Buy following the chipmaker’s strong outlook. Bank of America increased its price target to $110 from $90, while Benchmark set a $130 target, citing accelerating AI-driven demand.
2. Fiscal 2028 and 2027 Outlook
Marvell projected fiscal 2028 revenue of nearly $15 billion, surpassing estimates of $12.92 billion, and lifted its fiscal 2027 forecast to about $11 billion, implying over 30% year-over-year growth.
3. Q4 Performance and Q1 Guidance
In Q4, Marvell reported revenue of $2.219 billion and EPS of $0.80, with data-center sales reaching $1.651 billion, up 21% year-over-year. The company guided Q1 revenue to $2.40 billion and EPS to $0.79, both above consensus.
4. Key Growth Drivers
Analysts highlighted Marvell’s leverage to AI optical connectivity, high-speed optical DSP leadership, and strong demand for custom chips in Microsoft and Amazon XPU programs as catalysts for sustained growth.