TLDR
- Marvell reports fiscal Q2 FY27 earnings after the bell Thursday, August 27
- Google received a warrant to buy up to $12.19 billion worth of Marvell stock as part of a custom chip deal
- The Google partnership could be worth up to $120 billion in cumulative revenue over six years
- Wells Fargo raised its price target to $310 from $240, reiterating a Buy rating
- Wall Street consensus is Strong Buy with an average price target of $287.50, implying 25% upside
Marvell Technology (MRVL) heads into Thursday’s earnings report carrying a lot of weight. The stock has climbed 168% year-to-date and 213% over the past 12 months. That kind of run means expectations are high, and analysts say the real story this week isn’t the quarterly numbers. It’s the Google deal.
Marvell Technology, Inc., MRVL
Last week, Marvell announced that Alphabet-owned Google received a warrant to purchase up to 58.97 million Marvell common stock at $206.58 per share. That represents a $12.19 billion stake in the company. Marvell issued the warrant as part of a commercial agreement covering the development of Google’s custom chips, including its tensor processing units, known as TPUs.
The announcement sent MRVL stock up 6.8% for the week. By Monday, though, it pulled back 3.8% to $228.03 as chip stocks broadly moved lower.
Wall Street expects Q2 FY27 earnings per share of $0.93, up 39% year-over-year, with revenue projected to rise around 35% to $2.72 billion.
Analysts Zero In on the Google Deal
Benchmark analyst Cody Acree said the Google relationship will likely be the main focus when Marvell reports. He expects Marvell to start with inference accelerators and TPU-attached memory, networking, and storage, with the potential for a broader role down the line. He reiterated a Buy rating with a $275 price target.
B. Riley analyst Craig Ellis said the partnership broadens Marvell’s hyperscale diversification and extends its revenue growth outlook. His take: MRVL is “no longer on the outside looking in.”
Stifel analysts estimated the commercial agreement could generate around $120 billion in cumulative revenue for Marvell over slightly more than six years.
Wells Fargo analyst Aaron Rakers, rated No. 8 among more than 12,400 analysts tracked by TipRanks, raised his price target to $310 from $240, keeping his Buy rating. He modeled an incremental $2 per share in EPS by FY29 from the deal, assuming roughly $80 billion in cumulative Google revenue through FY33. If Marvell captures the full $120 billion opportunity, Rakers sees a path to $28-$30 EPS by FY33.
October Guide and Investor Day in Focus
J.P. Morgan analyst Harlan Sur said investors will be watching management’s October quarter guidance closely, expecting “strong upside” from current expectations. He also flagged the CY2027 and CY2028 data center outlook as a key area of focus.
Rakers highlighted three additional catalysts beyond Q2 earnings: the Investor Day scheduled for October 6, Amazon Trainium deployments, and expanding external customer deals.
Heading into the print, MRVL carries a Strong Buy consensus rating from Wall Street, based on 24 Buy ratings and five Holds.
The average price target sits at $287.50, pointing to around 25% upside from current levels. Marvell stock has risen 22% in August alone, its best monthly performance since June 2026.
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