TLDR
- Marvell stock is up ~60% year-to-date and recently hit an all-time high of $138.19.
- Oppenheimer analyst Rick Schafer named MRVL a top semiconductor pick with a $170 price target.
- Q4 FY2026 revenue came in at $2.22 billion, up 22% year-over-year, beating estimates.
- A $2 billion investment from Nvidia via preferred stock has supercharged investor interest.
- Management guided FY2027 revenue to approach $11 billion, with a long-term target of $15 billion by FY2028.
Marvell Technology (MRVL) stock hit fresh all-time highs this week, capping a year-to-date run of roughly 60% driven by record quarterly results, a landmark Nvidia partnership, and growing Wall Street conviction around its AI infrastructure business.
Marvell Technology, Inc., MRVL
The stock touched $138.19, its 52-week high, as investors continued to price in a broader transformation at the company — one that has shifted its center of gravity firmly toward custom AI chips and optical networking.
Oppenheimer analyst Rick Schafer added fuel to the rally this week, naming MRVL one of his top semiconductor picks heading into earnings season. His price target sits at $170, implying around 25% upside from Friday’s trading price of roughly $134.
Schafer values Marvell at about 24 times its forecast 2027 earnings per share. That’s not cheap, but he argues the premium is justified given the company’s positioning in optical networking and its key design partnerships with Amazon Web Services and Microsoft.
“Key relationships with AWS and Microsoft on track,” Schafer wrote in his note to clients. He also pointed to Marvell’s acquisitions of Celestial AI and XConn as moves that set up the company for future scale-up networking growth.
Broadcom (AVGO) also featured in Schafer’s note as a top pick, up 28% over the past month. But Marvell’s 52% gain over the same period is the one turning heads.
Q4 Results Set the Tone
The catalyst behind much of this momentum goes back to March 5, when Marvell posted its Q4 FY2026 results. Revenue came in at $2.22 billion, up 22% year-over-year and just ahead of the $2.20 billion consensus.
Non-GAAP diluted EPS hit $0.80, well above the $0.71 analysts had expected. Full-year revenue landed at $8.195 billion.
The data center segment was the engine of those results, now accounting for 74% of total company revenue. Custom processor revenue doubled year-over-year, and demand for 800G optical interconnect solutions remained strong.
CEO Matt Murphy said bookings are “accelerating at a record pace” as customers shift to AI-centric architectures. Marvell plans to launch more than 20 new custom AI chip programs in the current fiscal year.
Nvidia Deal Changes the Equation
In terms of market perception, the Nvidia deal may be the single biggest development this year. Nvidia made a $2 billion investment in Marvell via preferred stock to integrate Marvell’s custom networking solutions into its “AI factory” ecosystems.
That vote of confidence from the dominant AI chip company gave institutional investors a clear signal about Marvell’s role in the broader AI supply chain.
Management has guided Q1 FY2027 revenue at approximately $2.4 billion, with non-GAAP EPS expected between $0.74 and $0.84. Full-year FY2027 revenue is expected to approach $11 billion.
The long-term target is $15 billion in revenue by fiscal year 2028.
Despite the strong run, MRVL holds a consensus “Strong Buy” rating from analysts — 27 “Strong Buy” and three “Moderate Buy” ratings. The mean price target of $124.68 sits below the current stock price, largely because analyst models have not yet caught up with the stock’s pace of gains.
Schafer’s $170 target is among the more bullish on the Street, and as of Friday’s premarket, the stock was trading around $134.
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