Marvell Technology’s AI chip leadership gains validation from a $12.2 billion Google warrant, driving a raised FY28 revenue outlook.
Marvell Technology (NASDAQ:MRVL) received a buy rating with a $279.18 price target, reflecting 17.8% upside from its current $237.04 price. The upgrade follows confirmation of a $12.2 billion Google warrant, reinforcing its position in custom AI silicon.
The company reported Q1 FY27 revenue of $2.418 billion, up 27.6% year-over-year, with data center revenue now accounting for 76% of total sales. Management raised FY28 revenue guidance to $16.5 billion, citing strong AI-related bookings.
Shares have surged 233.6% over the past year but remain 20% below their 52-week high of $329.80. Analysts see further upside, though hyperscalers shifting to in-house silicon could pressure the stock to $212 in a bear case.