Marvell (MRVL) Stock: Multiple Analysts Lift Price Targets After Earnings – Time to Buy?

TLDR

• Benchmark raised its price target on MRVL to $275 from $130, maintaining a Buy rating
• MRVL initially popped after hours before pulling back 3–4% as the market digested Q1 results
• Stock is up 26% over the past month, 126% over six months, and 208% over the past year
• Benchmark flagged a stronger revenue path for fiscal 2027 and 2028 across multiple product lines
• Multiple analysts including Deutsche Bank, BofA, KeyBanc, Cantor Fitzgerald, and TD Cowen have all raised price targets recently

Marvell Technology (MRVL) is getting some serious analyst attention. Benchmark analyst Cody Acree doubled down on his Bull case Wednesday, raising his price target to $275 from $130 while keeping a Buy rating on the stock.

Marvell Technology, Inc., MRVL

The move came after Marvell reported first-quarter results that largely met expectations, paired with a second-quarter guidance range that came in modestly above Wall Street’s estimates. At the time of writing, MRVL is trading around $196.32, giving the company a market cap of roughly $171 billion.

The initial reaction after hours was positive. But the stock softened as the session wore on, ending the day around 3% to 4% lower. Benchmark described that pullback as a valuation and expectations reset, not a signal of any weakness in underlying demand.

The stock had already run hard coming into earnings. MRVL is up 26% over the past month, 126% over the past six months, and 208% over the past year. That kind of move tends to set a high bar.

What Drove Benchmark’s Big Target Hike

The core of Benchmark’s thesis isn’t the Q1 print — it’s the road ahead. Marvell laid out a more detailed multi-year AI infrastructure framework than investors had seen before, with specific commentary on the ramp across interconnect, switching, custom silicon, AECs, retimers, DCI, and scale-up optics.

Benchmark pointed to a fiscal 2028 revenue framework of $16.5 billion and a fiscal 2029 custom-silicon target as the key drivers behind the new target. Management indicated that scale-up switching and newer optical programs are still mostly in front of the model — meaning the best may not yet be priced in.

The valuation debate is real though. MRVL trades at a P/E of 65. InvestingPro flags the stock as currently overvalued relative to its Fair Value. The PEG ratio of 0.16, however, suggests the premium could be justified if the growth targets hold up.

Wall Street Broadly Bullish

Benchmark isn’t alone in turning more positive. Deutsche Bank flagged a slight Q1 beat and highlighted a 12% quarter-over-quarter increase in Q2 guidance, driven by Data Center revenues.

BofA Securities revised its fiscal 2027 and 2028 sales estimates upward, pointing to Marvell’s broad positioning across technology segments. KeyBanc raised its price target citing rising demand for optical interconnect driven by data center and AI buildout.

Cantor Fitzgerald lifted its target with a focus on AI-optimized infrastructure components. TD Cowen also raised its price target, calling out networking as a key growth driver.

The institutional question now is how much of the fiscal 2028 and 2029 story is already baked into the stock at current levels — and whether the newer programs in optics and switching can add further upside from here.

MRVL was last trading at $196.94, down 0.89% on the day.

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