Marvell (NASDAQ: MRVL) stock jumped 5.8% on October 6 after the company unveiled an ambitious long-term revenue forecast, prompting several Wall Street analysts to lift their price targets.
For instance, Jefferies analyst Blayne Curtis raised his Marvell price target from $325 to $450 while maintaining a “Buy” rating following the chipmaker’s Investor Day presentation.
Curtis cited the company’s fiscal 2031 outlook as being at the center of its growth strategy, with interconnect revenue potentially reaching $37.5 billion at the midpoint of Marvell’s forecast.
In addition, he also expects custom revenue to approach $30 billion by fiscal 2031, supported by opportunities in memory connectivity and AI inference.
TD Cowen and Evercore raise Marvell stock price target
Similarly, TD Cowen analyst Sean O’Loughlin upgraded Marvell to “Buy” and increased his price target from $245 to $350.
In the note, the analyst said growth is increasingly being driven by Marvell’s connectivity business, while risks surrounding its custom AI chip programs have eased.
O’Loughlin also believes the company’s diversified growth opportunities could enable it to generate more than $30 in earnings per share within three years.
At the same time, Evercore ISI analyst Mark Lipacis raised his own MRVL share price target from $275 to $433 while maintaining a “Buy” rating.
Lipacis pointed to Marvell’s strong intellectual-property portfolio and flexible business model, which allow the company to provide merchant, semi-custom and custom solutions to major cloud providers.
Raymond James calls Marvell stock potential “extraordinary”
On the same day, Raymond James analyst Simon Leopold described Marvell’s fiscal 2031 revenue outlook as “extraordinary.”
The analyst said the company’s connectivity and optical businesses could eventually become as important as its custom-chip operations.
However, in his view, investors are likely to closely monitor execution, supply availability, and whether major cloud providers sustain their heavy AI infrastructure spending.
Leopold maintained his Strong Buy rating and $295 price target.
Marvell share price outlook
According to Marvell’s Investor Day presentation, the company expects annual revenue to reach $70 billion to $90 billion by fiscal 2031, fueled by rising demand for AI infrastructure, custom chips, connectivity and optical products.
The company is also targeting roughly $20 billion in revenue by fiscal 2028, including about $18 billion from its data-center business. Meanwhile, management expects to become a major growth engine, with revenue projected to exceed $12 billion by fiscal 2029.
Overall, Wall Street remains bullish on Marvell. The average MRVL price forecast for the next 12 months sits at $313.84 according to TipRanks data, which implies a roughly 9% upside from the current levels.
The stock also enjoys a “Strong Buy” consensus, with 26 “Buy” recommendations versus just four “Holds.” The most optimistic price forecasts see MRVL hitting $450 in the next year.
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