Oppenheimer raised Marvell Technology’s stock price target to $325 from $300 on Thursday, maintaining an Outperform rating as artificial intelligence demand underpins revenue growth forecasts.
The upgrade follows a series of upward revisions from peers, with Benchmark reiterating a $275 target and Needham raising its target to $300, both retaining Buy ratings. KeyBanc maintained an Overweight rating with a $400 target, while Stifel kept its Buy rating at $350. Cantor Fitzgerald held a Neutral rating with a $300 target.
Marvell’s shares have surged 213% over the past year, valuing the company at $190 billion. The chipmaker reported second-quarter revenue of $2.739 billion and earnings per share of $0.94, with sequential revenue up 13.3%. InvestingPro data indicates 31% revenue growth in the last twelve months, while Needham projects 47% growth for fiscal 2027.
Revenue outlooks have been revised upward, with calendar 2026 sales now expected to reach $12 billion, up from $11.5 billion previously and $9.5 billion in September 2025. For 2027, revenue is projected at $18 billion, compared with prior outlooks of $16.5 billion in May and $15 billion in March.
Custom chip revenue is tracking above $2 billion this year and is seen more than doubling next year, with the Maia program expected to contribute $700 million in revenue in 2027.
Google’s seven-year supply deal with Marvell, if milestones are met, implies cumulative purchases of $120 billion, averaging $25 billion annually from 2028 through 2033. Material contributions from the deal are not expected until 2028.
Gross margins are forecast to remain steady at 58% through 2027, while operating margins are projected to expand to 40% by the end of that period. Marvell is scheduled to host an analyst day on October 6.
