Marvell Technology shares jumped after an Investor Day presentation laid out a fiscal 2031 revenue framework of $70 billion to $90 billion, built on AI data center demand. Evercore ISI, HSBC and Raymond James all moved on the news, and Marvell also lifted its nearer-term fiscal 2028 outlook.
Marvell Technology shares jumped roughly 7% to 10% intraday on Tuesday after the company used its Investor Day to rewrite its long-term revenue outlook. The stock closed up 5.81%, at $287.01. Marvell has been one of the S&P 500's top performers in 2026, and the new targets stretched that story further.
A bigger revenue framework
The headline revision landed in fiscal 2028: Marvell now expects revenue of approximately $20 billion that year, up from its own prior target of $18 billion. Raymond James noted the new figure comes in about 10% above its previous estimate of $18.2 billion.
Marvell then set a fiscal 2031 revenue goal of $70 billion to $90 billion, with earnings per share above $30, against consensus estimates of roughly $47 billion in revenue and $19 in earnings per share. The midpoint breaks down to about $37.5 billion from Interconnect, $30 billion from Custom, $10 billion from Switching and Storage, and $2.4 billion from Communications and Other segments. Custom revenue alone is now targeted at $12 billion or more by fiscal 2029, at least 30% above Raymond James' prior estimate of about $9.1 billion.
Analysts move on the stock market
Evercore ISI raised its price target on Marvell to $433, up from $155, and kept its Outperform rating. HSBC had already lifted its target to $450 on October 2, days ahead of the Investor Day, while Evercore waited for the new numbers before making its jump. Raymond James reiterated a Strong Buy rating and $295 price target. InvestingPro data shows 26 analysts have revised their earnings estimates upward for the coming period. The stock's market capitalization has grown accordingly. It now stands at $250.63 billion, a year-to-date return of 220%.
What could slow the story
The fiscal 2031 range still spans a $20 billion gap between its low and high ends, and Marvell ties the whole framework to one driver: AI infrastructure spending. If that spending slows, gets delayed, or shifts toward competitors, the climb from roughly $20 billion to $70 billion or more gets steeper. The nearer, more testable milestone is the fiscal 2028 target, and the clearest real-time check is whether data center revenue, which reportedly grew about 46% year-over-year in a recent quarter, keeps pace.
Sources: MarketWatch.com – Top Stories (snippet-based), Crypto Briefing, Investing.com
Trading involves risk.
Risk Disclaimer
