Wall Street warms to Marvell as AI growth drivers multiply
MRVL•Marvell raised its fiscal 2028 revenue forecast to about $20 billion, above Wall Street estimates, as demand for custom data center chips grows with AI spending. At least 11 analysts raised their price targets; the median target among 45 brokerages is $325.
1. Higher revenue outlook
Marvell raised its fiscal 2028 revenue forecast to about $20 billion on Tuesday, above Wall Street estimates, citing growing demand for custom data center chips alongside AI spending.
2. Analysts lift targets
At least 11 analysts raised their price targets, and the median target among 45 brokerages covering the stock is $325. J.P. Morgan said Marvell was “firing on all cylinders,” with upward revisions supported by multiple growth vectors across the data center stack.
3. Growth catalysts and risks
Morgan Stanley said Marvell’s long-term target was achievable in a potential $3 trillion AI infrastructure spending environment, while cautioning that expected growth of 55% to 70% left little room for execution missteps. TD Cowen said growth catalysts had shifted to Marvell’s connectivity business and risks tied to custom XPU programs had largely eased. Melius Research saw a credible path to a $1 trillion market capitalization if Marvell executes on its plan.
