TLDR
- Marvell Technology stock has skyrocketed 247% year-to-date in 2026, now trading near $278.87
- KeyBanc increased its price objective to $385, up from $260, representing the highest target on Wall Street
- First quarter FY2027 revenue climbed 27.6% year-over-year to $2.42 billion; data center sales reached $1.8 billion
- Fiscal year 2027 revenue forecast calls for approximately 40% YoY expansion to $11.5 billion, with data center segment expected to jump ~50%
- 27 out of 36 Wall Street analysts maintain “Strong Buy” ratings; custom chip revenue projected to more than double in fiscal 2028
Marvell Technology (MRVL) Stock Climbs 247% This Year — Wall Street Believes the Rally Isn’t Over
Marvell Technology, Inc., MRVL
Shares of Marvell Technology have rocketed 247% higher during 2026, currently changing hands around $278.87. This remarkable performance by the semiconductor designer hasn’t diminished Wall Street’s enthusiasm.
On June 18, KeyBanc added fuel to the rally by boosting its price objective on MRVL to $385 from $260 — establishing a new high-water mark among Street analysts. John Vinh, the firm’s analyst, maintained an “Overweight” stance while emphasizing that data center networking provides a more sustainable growth trajectory compared to custom AI chips in isolation. The announcement triggered a 7.27% single-day gain and pushed shares to a 52-week peak of $329.88.
B. Riley followed suit days later, with analyst Craig Ellis increasing his target from $240 to $345 while reaffirming a “Buy” recommendation.
Among 36 analysts tracking the semiconductor stock, 27 assign it a “Strong Buy” grade, three recommend “Moderate Buy,” and six suggest “Hold.” The consensus price target stands at $244.16 — substantially below the current trading level — though KeyBanc’s $385 forecast suggests roughly 38% additional upside potential.
First Quarter FY2027 Results Exceed Wall Street Forecasts
Marvell delivered its Q1 FY2027 financial report on May 27. Total revenue reached $2.42 billion, representing a 27.6% year-over-year increase and aligning perfectly with the $2.41 billion analyst consensus. Adjusted earnings per share climbed to $0.80, marking a 29% annual improvement and slightly surpassing the $0.79 Street estimate.
Data center sales powered the quarterly performance, advancing 27.2% YoY to $1.8 billion. This division now serves as the foundation for the company’s expansion narrative, fueled by combined adoption of optical interconnect solutions, customized silicon processors, and switching technologies among key clients.
Non-GAAP gross margin remained stable at 58.9%. Non-GAAP net income expanded 33% year-over-year to $718 million. The company closed the quarter with $3.8 billion in cash reserves.
Looking to Q2 FY2027, management projected net revenue of $2.7 billion, plus or minus 5%, alongside non-GAAP EPS of $0.93, plus or minus $0.05. Wall Street models anticipate Q2 EPS growth of 32% compared to the prior year.
Optical Networking and Customized Silicon Fuel Growth Trajectory
The extended growth narrative hinges on two fundamental drivers: optical networking infrastructure and custom AI processor development.
Goldman Sachs forecasts the optical networking sector will expand ninefold to $154 billion. Marvell anticipates its datacenter interconnect optical product sales will double between fiscal 2026 and fiscal 2028, hitting $1 billion in annual revenue.
Regarding custom silicon operations, Marvell envisions 20% expansion during FY2027, with sales volume expected to more than double in FY2028 as new client initiatives scale up. Bloomberg research suggests the custom AI processor marketplace could swell to $118 billion by 2033.
Switching product lines are experiencing rapid acceleration as well, projected to climb from $600 million in FY2027 to beyond $1 billion in FY2028.
For complete fiscal year 2027, Marvell guides toward approximately $11.5 billion in revenue, reflecting about 40% annual growth. The data center division independently is forecasted to expand around 50% throughout the year. KeyBanc anticipates Marvell’s data center revenue stream will exceed $20 billion by fiscal 2029.
Nvidia CEO Jensen Huang recently characterized Marvell as the “next trillion-dollar company” — a declaration that has resonated strongly with market participants.
At prevailing valuations, MRVL shares trade at 76x forward earnings and 23.58x sales. The stock’s 52-week price range spans $61.44 to $329.88.
Fiscal 2028 revenue projections now sit at approximately $16.5 billion, roughly $1.5 billion above previous estimates, with analyst consensus forecasting EPS to surge 66.5% to $5.11 during that period.
