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MRVL
New price target, same chip-stock caffeine
Marvell has already gone full rocket ship this year, up about 233%, but Bank of America apparently looked at that chart and said: cute, now let’s add more fuel. Analyst Vivek Arya kept a Buy rating and lifted his price target to $400 from $365, which says the bank still sees another leg higher.
The part Wall Street didn’t fully price in
The real hook here isn’t just the target. It’s the pitch Marvell made at its investor day: management laid out a path to $80 billion in annual revenue by fiscal 2031, nearly double what Wall Street was modeling before the event. The company also boosted its fiscal 2028 revenue target to about $20 billion, which is the kind of number that makes chip bulls sit up straighter in their chairs.
Arya’s math says the plan could drive more than $32 in adjusted EPS by 2030, versus roughly $18 in consensus estimates. In other words, the market may have been treating Marvell like a hot stock; BofA is treating it like a long runway.
Google is the secret sauce, with a catch
There’s also a very Google-flavored subplot. Marvell gave Alphabet warrants that could let Google buy up to 59 million shares at $206.58 apiece, with vesting tied to qualifying revenue. Translation: if Google keeps buying Marvell’s stuff, Marvell can hand over more stock later. That’s not exactly a free lunch, but it is a very Silicon Valley one.
- BofA now sees the stock at 36x earnings on its new target
- That multiple is still within Marvell’s historical range
- At least 11 firms raised their targets on MRVL on Wednesday
- Morgan Stanley was less exuberant, though it still nudged its target up to $300
Big picture: Marvell’s not just riding the AI wave anymore — it’s trying to convince Wall Street it’s building the surfboard, too.