Piper Sandler lifted its Marvell Technology price target to $400 from $270, and Wells Fargo raised its own target to $365 from $310, both keeping Overweight ratings after the chipmaker's Investor Day. The firms pointed to Marvell's new fiscal 2031 framework of $70 billion to $90 billion in revenue and earnings per share above $30.
Piper Sandler raised its price target on Marvell Technology (NASDAQ:MRVL) to $400 from $270 while maintaining an Overweight rating. Wells Fargo followed with its own increase, lifting its target to $365 from $310 while also keeping an Overweight rating.
Fiscal 2031 framework anchors the increases
Both firms raised their targets after Marvell's Investor Day on Tuesday, where the company introduced a fiscal 2031 revenue target of $70 billion to $90 billion and earnings per share exceeding $30. Management positioned Marvell as a Connectivity-First company, with connectivity opportunities expected to drive future revenue growth. The custom business focuses on Attach, while the interconnect segment anticipates optical growth with NPO in the second half of 2027 and CPO further out.
Piper Sandler raises estimates, Wells Fargo cites XPU-attach momentum
Piper Sandler raised its fiscal 2028 earnings-per-share estimate by 12% and its fiscal 2031 estimate by 60%, setting its target using a discounted fiscal 2031 price-to-earnings multiple of 18 times. The firm said it views the investment case as more compelling with design wins secured and multiple opportunities to reach the fiscal 2031 targets. Shares trade at $287, a 238% gain year-to-date, and InvestingPro data shows 26 analysts have revised their earnings upward.
Wells Fargo, meanwhile, set its new target at approximately 26 times calendar year 2028 price-to-earnings, citing broad interconnect and custom silicon momentum alongside expanded design wins and XPU-attach uplift. The stock trades at $287.01 with a market capitalization of $251.69 billion, up 231% over the past year. The firm sees Marvell as best positioned to benefit from an increasingly heterogeneous interconnect landscape, with a portfolio spanning scale-across, scale-out, scale-up and scale-in technologies across protocols including Ethernet, ESUN, UALink and NVLink Fusion.
Other analysts also move targets higher
Marvell also raised its fiscal 2028 revenue outlook to $20 billion, above Raymond James' prior estimate of $18.2 billion. Raymond James reiterated a Strong Buy rating with a $295 target, while Evercore ISI raised its target to $433. TD Cowen upgraded the stock to Buy from Hold with a $350 target, and RBC Capital reiterated an Outperform rating with a $360 target, expecting Marvell to expand its AI revenue forecast significantly. Stifel also reiterated a Buy rating with a $350 target after discussions with Marvell executives about future product developments.
Sources: Investing.com – Piper Sandler, Investing.com – Wells Fargo
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