TLDR
- MRVL stock has surged 247% year-to-date in 2026, currently trading around $278.87
- KeyBanc raised its price target to $385 from $260, the new Street-high, maintaining an Overweight rating
- Q1 FY2027 revenue grew 27.6% YoY to $2.42 billion; data center revenue hit $1.8 billion
- FY2027 revenue is expected to grow ~40% YoY to $11.5 billion, with the data center segment projected to grow ~50%
- 27 of 36 analysts rate MRVL a “Strong Buy”; custom silicon revenue expected to more than double in FY2028
Marvell Technology (MRVL) Stock Has Soared 247% in 2026 — And Wall Street Still Sees More Room to Run
Marvell Technology, Inc., MRVL
Marvell Technology stock is up 247% so far in 2026, trading around $278.87. That’s a stunning run for a chip designer, and it hasn’t cooled Wall Street’s appetite one bit.
KeyBanc lit the fuse again on June 18, raising its price target on MRVL to $385 — a new Street-high — up from $260. Analyst John Vinh kept his “Overweight” rating and argued that data center networking offers a more durable growth runway than custom AI processors alone. The stock jumped 7.27% on that news and hit a fresh 52-week high of $329.88.
B. Riley joined in shortly after, with analyst Craig Ellis lifting his target from $240 to $345 while keeping a “Buy” rating in place.
Of 36 analysts covering the stock, 27 rate it a “Strong Buy,” three a “Moderate Buy,” and six a “Hold.” The average price target sits at $244.16 — already well below where the stock is trading — while KeyBanc’s $385 target implies about 38% upside from current levels.
Q1 FY2027 Earnings Beat Expectations
Marvell posted Q1 FY2027 results on May 27. Revenue came in at $2.42 billion, up 27.6% year-over-year, matching analyst estimates of $2.41 billion. Adjusted EPS hit $0.80, up 29% from a year ago, just ahead of the $0.79 consensus.
Data center revenue led the way, rising 27.2% YoY to $1.8 billion. That segment now anchors the entire growth story, driven by optical interconnect, custom silicon, and switching products being adopted together across major customers.
Non-GAAP gross margin held at 58.9%. Non-GAAP net income grew 33% YoY to $718 million. Cash on the balance sheet stood at $3.8 billion at quarter-end.
For Q2 FY2027, management guided net revenue to $2.7 billion, plus or minus 5%, with non-GAAP EPS of $0.93, plus or minus $0.05. Analysts are modeling Q2 EPS up 32% YoY.
Networking and Custom Silicon Drive the Outlook
The longer-term story rests on two pillars: optical networking and custom AI chips.
Goldman Sachs projects the optical networking market will grow 9x to $154 billion. Marvell expects its datacenter interconnect optical product revenue to double between FY2026 and FY2028, reaching $1 billion annually.
On the custom silicon side, Marvell sees 20% growth in FY2027, with revenue expected to more than double in FY2028 as new customer programs ramp up. Bloomberg estimates the custom AI processor market could reach $118 billion by 2033.
Switching products are also scaling fast, from $600 million in FY2027 to over $1 billion in FY2028.
For the full FY2027, Marvell is guiding revenue of roughly $11.5 billion, up about 40% YoY. The data center segment alone is expected to grow around 50% for the year. KeyBanc projects more than $20 billion in Marvell data center revenue by FY2029.
Nvidia CEO Jensen Huang recently called Marvell the “next trillion-dollar company” — a statement that hasn’t gone unnoticed by investors.
At current prices, MRVL trades at 76x forward earnings and 23.58x sales. The stock’s 52-week range is $61.44 to $329.88.
FY2028 revenue is now projected at approximately $16.5 billion, about $1.5 billion higher than prior forecasts, with analyst consensus expecting EPS to jump 66.5% to $5.11 that year.
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