Marvell reported $2.418 billion in Q1 revenue, up 28% YoY, prompting Bank of America to revise its stock price target.
Marvell (MRVL) shares closed at $204.03 on May 28, rising 3.09% after reporting record Q1 fiscal 2027 revenue of $2.418 billion, a 28% year-over-year increase. The company’s GAAP and non-GAAP gross margins reached 52.1% and 58.9%, respectively, driven by strong demand in AI and data center products.
The semiconductor firm has outperformed the S&P 500, which rose 10.66% year-to-date, as its stock surged 141% in the same period. Key growth drivers include partnerships with Amazon, Nvidia, and AMD, alongside strategic acquisitions like Polariton Technologies.
Bank of America revised its price target for Marvell following the earnings release, reflecting updated expectations after the company’s strong performance and broader sector momentum.