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Analysts Just Upgraded Marvell. Here’s What They See Coming Next

Wall Street just flooded Marvell with price target hikes after a single Investor Day presentation, and the earnings framework at the center of the bullish case is raising eyebrows even among analysts who support the stock.

By Vandita Jadeja

Published October 7, 2026, 1:00pm ET · 3 min read

Price Targets desk. Editor: Vandita Jadeja.

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TD Cowen analyst Sean O’Loughlin upgraded Marvell Technology (NASDAQ:MRVL | MRVL Price Prediction) to Buy from Hold and raised his price target to $350 from $245. The upgrade led a wave of price target increases after the chipmaker’s October 6, 2026 Investor Day, and Piper Sandler, Needham and BofA each went to $400.

The upgrade signals growing Wall Street confidence that Marvell’s AI connectivity franchise can lift earnings sharply by the end of the decade.

Ticker	Company	Firm	Action	Old Rating	New Rating	Old Target	New Target
MRVL	Marvell	TD Cowen	Upgrade	Hold	Buy	$245	$350
MRVL	Marvell	Piper Sandler	Target Raise	Overweight	Overweight	$270	$400
MRVL	Marvell	Needham	Target Raise	Buy	Buy	$300	$400
MRVL	Marvell	BofA	Target Raise	Buy	Buy	$365	$400
MRVL	Marvell	Stifel	Target Raise	Buy	Buy	$350	$370
MRVL	Marvell	JPMorgan	Target Raise	Overweight	Overweight	$305	$360
MRVL	Marvell	UBS	Target Raise	Buy	Buy	$335	$350
MRVL	Marvell	Cantor Fitzgerald	Target Raise	Neutral	Neutral	$330	$350
MRVL	Marvell	Morgan Stanley	Target Raise	Equal Weight	Equal Weight	$268	$300
MRVL	Marvell	Goldman Sachs	Target Raise	Neutral	Neutral	$220	$270

Analyst’s Case: A $30 EPS Framework Resets Expectations

TD Cowen says Marvell’s growth drivers have “fully shifted” to its “strong” connectivity franchise, and it now views the concentration risk linked to custom XPU programs as largely de-risked.

The firm calls the forward outlook “aggressive but reasonable” and sees it generating over $30 in EPS within three years.

An infographic titled '24/7 Wall Street Insiders: Marvell (MRVL) Analyst Upgrades & New $30 EPS Outlook'. A sub-banner reads 'Post-Investor Day: Analysts Bullish on AI Connectivity & Custom Silicon'. The top section, 'KEY ANALYST ACTIONS & IMPLIED UPSIDE', presents a table based on a current price of $281.51. The table lists analysts: TD Cowen (Hold to Buy, New Target $350, Implied Upside +24.3%), Piper Sandler (Overweight to Overweight, New Target $400, Implied Upside +42.1%), Needham (Buy to Buy, New Target $400, Implied Upside +42.1%), BofA (Buy to Buy, New Target $400, Implied Upside +42.1%), JPMorgan (Overweight to Overweight, New Target $360, Implied Upside +27.9%), and UBS (Buy to Buy, New Target $350, Implied Upside +24.3%). Below this, a section titled 'WHY NOW' explains that price target increases follow Marvell's Investor Day, driven by a new $30+ EPS framework, reduced custom XPU risk, and a strong AI connectivity franchise. The bottom section, 'TOP RATIONALE & GROWTH DRIVERS', lists five points with icons: Aggressive EPS Framework (rocket icon): TD Cowen sees $30 EPS within 3 years; JPMorgan sees path to $35 by 2030. Data Center Dominance (server rack icon): Drives 79% of sales; Q2 Data Center revenue +46% YoY to $2.172B. Custom Silicon Acceleration (cloud chip icon): Expanded Google partnership; Custom compute & interconnect scale-in driving upside. Raised Revenue Outlook (money bag with arrow up icon): Fiscal 2027 revenue guidance raised to ~$12B; Fiscal 2028 revenue seen rising to $20B. De-Risked XPU Programs (shield with checkmark icon): Concentration risk linked to custom XPU programs viewed as largely de-risked. A footer notes 'Data as of Oct 7, 2026. MRVL Current Price: $281.51. Source: 24/7 Wall St, TD Cowen, Piper Sandler, Needham, BofA, JPMorgan, UBS, Morgan Stanley, Goldman Sachs, Cantor Fitzgerald.'

That figure anchors analyst notes. Marvell’s fiscal 2031 model targets $70B to $90B in revenue and more than $30 of non-GAAP EPS.

Piper Sandler said this was well above consensus estimates. UBS cited upside from custom compute, interconnect scale-in, and operating leverage.

JPMorgan sees a “credible path” to $35 of EPS by 2030. Needham pointed to fiscal 2028 revenue rising to $20B from $18B, driven by optics and switching.

Three firms stayed cautious. Morgan Stanley’s Joseph Moore said the targets run at least 20% above his forecasts but added he doesn’t “know that they needed to raise the bar this high.” Goldman Sachs and Cantor Fitzgerald held Neutral ratings.

Company Snapshot: Data Center Now Drives 79% of Sales

Second-quarter fiscal 2027 revenue reached $2.739B, up 36.5% YoY, beating the $2.707B consensus. Non-GAAP EPS was $0.94. Data Center revenue rose 46% to $2.172B, or 79% of the total. Management now expects fiscal 2027 revenue of roughly $12 billion.

Marvell also expanded its custom silicon partnership with Alphabet (NASDAQ:GOOGL) unit Google, including a warrant for up to 7% of Marvell shares linked to revenue milestones.

Why the Move Matters Now

Marvell stock traded at $281.51 premarket, up 231.74% year to date but below its $329.80 52-week high. It trades at 62x forward earnings.

The fiscal 2028 consensus EPS estimate rose to $6.7609 from $6.1726 90 days ago, with 33 upward revisions against 1 cut over 30 days.

What It Means for Your Portfolio

A beta of 2.26 means sharp moves was with the territory. Marvell reveals risks from customer concentration, hyperscalers building their own chips, China trade restrictions, wafer supply limits and $4.963B of long-term debt.

The key question is whether third-quarter results meet the $3.150B revenue guidance. The higher outlook merits a closer look (we considered what the early signs of the biggest AI chip winners looked like and put the pattern in a free playbook here), but near-term volatility remains a real risk.

Contact [email protected] for any questions or corrections.

Vandita Jadeja

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.

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