Nvidia Isn’t the Only AI Stock With Massive Upside Potential
Marvell Technology has already surged over 200% this year, yet analysts keep piling on buy ratings and management is forecasting explosive custom chip growth through 2028. Whether that momentum can survive rising margin pressure and hyperscaler threats is the question…
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Marvell Technology (NASDAQ:MRVL | MRVL Price Prediction) is one of the clearest AI infrastructure plays outside Nvidia (NASDAQ:NVDA). Our 24/7 Wall St. price target for Marvell is $285.34 over the next 12 months. That is 8.38% above the current price of $263.27.
| Metric | Value |
|---|---|
| Current Price | $263.27 |
| 24/7 Wall St. Price Target | $285.34 |
| Upside/Downside | 8.38% |
| Recommendation | BUY |
| Confidence Level | 90% |
The model rates Marvell a buy with strong conviction. The stock is up 206.42% year to date. Management expects fiscal 2027 revenue of about $12 billion, up from approximately $11.5 billion, and projects data center revenue growing more than 60% in fiscal 2028.
Marvell’s Triple-Digit Rally Faces a Late-September Test
Shares moved -0.89% over the past week and gained 20.04% over the past month. Marvell trades about 12% below its 52-week high of $329.8, far above its low of $70.64. AI stocks, Marvell among them, pulled back on September 28.
In the second-quarter earnings report, revenue of $2.739 billion rose 36.55% and exceeded the $2.707B consensus. Non-GAAP EPS of $0.94 beat the $0.9289 estimate. Data center sales reached $2.1715 billion, making up 79% of revenue.
Marvell also expanded its custom silicon deal with Alphabet (NASDAQ:GOOGL)’s Google. The deal includes a warrant that lets Google acquire up to 7% of Marvell’s shares if revenue targets are met.
Why Bulls See a Path to $353.98
Our bull case reaches $353.98. Third-quarter guidance calls for revenue of $3.150 billion and EPS of $1.10. Management expects the custom chip business to more than double in fiscal 2028. Non-GAAP operating margin is expected to enter the 38% to 40% target range in the fourth quarter.
The chief executive said “AI-related bookings remain exceptionally robust.” Analysts agree: 8 rate the stock Strong Buy, 31 Buy and none Sell. Their consensus target is $290.39.
What Could Drag Marvell Toward $218.81
The downside scenario comes in at $218.81. Marvell depends on a small number of customers, and those hyperscalers could design more chips in-house. It also faces China trade limits and supply shortages. Long-term debt stands at $4.963 billion.
Gross margin guidance of 57.5%-58.5% sits below the second quarter’s 58.9%. Management linked that dip to the mix shift toward custom chips, which should lift revenue even as it pressures margins.
Is Marvell Pricier Than Broadcom and Nvidia?
Broadcom (NASDAQ:AVGO) competes head-to-head with Marvell in custom accelerators and Ethernet switching. Nvidia is the benchmark for AI compute.
| Company | Forward P/E | Quarterly Revenue Growth YoY |
|---|---|---|
| Marvell | 62x | 36.5% |
| Broadcom | 19x | 85.5% |
| Nvidia | 25x | 105.9% |
Broadcom’s PEG ratio of 0.361 and Nvidia’s 0.479 are well below Marvell’s 1.387. Investors are paying up for Marvell’s growth still ahead. Next to these peers, the moderate target looks reasonable.
Marvell Price Prediction 2026-2030
The 24/7 Wall St. price target of $285.34 carries a buy rating and high confidence. Rising revenue outlook for fiscal 2027 and 2028 tips the scale.
Investor Day on October 6, 2026 could strengthen the case if custom revenue targets exceed analyst models. Margin pressure or major customer shifts would warrant caution. For now, fundamentals support the Buy.
Here is where our model projects Marvell could trade, assuming current trends hold.
| Year | 24/7 Wall St. Price Target |
|---|---|
| 2026 | $266.87 |
| 2027 | $301.17 |
| 2028 | $312.64 |
| 2029 | $333.08 |
| 2030 | $360.77 |
These projections assume Marvell keeps executing on AI connectivity and custom silicon. Scale-up optics and the Google programs could drove results well above these figures, while hyperscalers taking chip design in-house could pull them lower. The traits that separate the next huge semiconductor winner from the pack are the same ones we cataloged in a free playbook on spotting the next Nvidia early.
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Vandita Jadeja is a financial publisher with over a decade of experience writing about financial topics, including investment, savings, retirement, insurance and banking. Vandita is a Chartered Accountant who loves to debunk financial concepts for readers.
Her work has appeared on sites that include The Motley Fool, InvestorPlace, and Benzinga. She covers investing and focuses on stock picks and price prediction for 24/7 Wall St.
When not looking for the next stock investment opportunity, she can be found traveling, reading, chasing sunsets and enjoying her iced latte.
