Marvell Technology (NASDAQ: MRVL) Price Target Soars on Strong AI Chip Demand and Revenue Outlook

• Marvell Technology (NASDAQ: MRVL) received a significant price-target increase from Evercore ISI, driven by strong demand for its AI and data center chips.

• The company raised its fiscal 2028 revenue forecast and introduced an ambitious fiscal 2031 revenue target that significantly exceeds current analyst estimates.

• Growth in Marvell’s custom AI chip business, including its expanded commercial relationship with Google (NASDAQ: GOOGL), supports its long-term outlook.

Marvell Technology (NASDAQ: MRVL) designs semiconductor chips that help data centers transfer data and operate artificial intelligence systems. The company also develops custom chips for major technology customers. Following Marvell’s investor day, Evercore ISI raised its price target for the stock to $433 from $275 while maintaining an Outperform rating. A price target is an analyst’s estimate of where a stock could trade and is not a guaranteed future price.

Marvell shares closed at $287.01 following the announcement. Reaching Evercore’s $433 target would represent an increase of about 51% from that price. The stock rose 5.81%, or $15.76, as investors reacted positively to the company’s long-term financial outlook.

The higher target followed a stronger sales outlook driven by AI demand. Marvell raised its fiscal 2028 revenue forecast to approximately $20 billion, up from its previous estimate of $18 billion. The company also introduced a fiscal 2031 annual revenue target of $70 billion to $90 billion.

These projections exceed consensus estimates of approximately $18.2 billion for fiscal 2028 and $46.85 billion for fiscal 2031. Consensus estimates combine forecasts from multiple analysts, so the difference illustrates how significantly Marvell’s outlook exceeds current Wall Street expectations.

Marvell reported $8.20 billion in fiscal 2026 revenue, including approximately $6.10 billion from data centers, and expects around $12 billion in fiscal 2027 revenue. The company’s custom AI chip business includes an expanded commercial agreement with Google (NASDAQ: GOOGL).

Under the agreement, warrant shares may vest as Google makes discretionary purchases of Marvell products, with the structure covering up to $120 billion in cumulative revenue through fiscal 2033. However, this amount is conditional and should not be interpreted as guaranteed revenue. Investors also responded positively to Marvell’s expanding customer base and broad portfolio of custom chips, networking products, and data-center connectivity solutions.