Oppenheimer has increased its price target for Marvell Technology Inc. to $325 from $300 while maintaining an Outperform rating, citing accelerating artificial intelligence infrastructure demand.
The firm highlighted Marvell’s 213% stock return over the past year and its $190 billion market capitalization. Oppenheimer expects gross margins to remain steady at 58% through calendar year 2027, with operating margins projected to expand to 40% by the end of that period. The company reported second-quarter revenue of $2.739 billion and earnings per share of $0.94 for the period ended in July.
Management has raised its calendar year 2026 revenue forecast to $12 billion, up from a prior estimate of $11.5 billion and a September 2025 projection of $9.5 billion. For 2027, revenue is now projected at $18 billion, compared with previous outlooks of $16.5 billion in May and $15 billion in March. Revenue growth over the trailing twelve months stands at 31%, with a projected 47% increase for fiscal year 2027.
Custom chip revenue is anticipated to exceed $2 billion this year and more than double in 2025. The Trainium and Maia programs remain on schedule, with the Maia initiative expected to contribute $700 million in revenue next year.
Oppenheimer also noted Google’s long-term commitment, estimating cumulative purchases of $120 billion over approximately seven years if performance targets are met. Annual contributions from Google are projected to average $25 billion between 2028 and 2033, with material gains starting in 2028.
Other analysts have adjusted their targets: Benchmark maintained a Buy rating with a $275 target, Needham raised its target to $300 with a Buy rating, KeyBanc kept an Overweight rating with a $400 target, Stifel reiterated a Buy rating with a $350 target, and Cantor Fitzgerald maintained a Neutral rating with a $300 target due to valuation concerns relative to peers including Nvidia.
Marvell’s next analyst day is scheduled for October 6.
