Following the company's Investor Day on October 6, 2026, Evercore ISI increased its price target for Marvell Technology from $155 to $433, maintaining an Outperform rating. This adjustment follows Marvell's updated long-term revenue projections driven by demand for AI data centers.
Marvell revised its fiscal 2028 revenue target to approximately $20 billion, up from the previous goal of $18 billion. Looking further ahead, the company established a revenue target of $70 billion to $90 billion for fiscal 2031. Marvell estimates its total addressable market for AI will reach $400 billion by 2030.
The company reported a 46% year-over-year growth in data center revenue for a recent quarter. Following the announcements, Marvell shares rose by approximately 7% to 10% during intraday trading. HSBC also adjusted its target for the stock to $450 on October 2, 2026.
Analysts note that the fiscal 2031 target range includes a $20 billion spread between the low and high estimates. Future performance depends on sustained AI infrastructure spending and the company's ability to maintain its current growth pace in the data center segment.
