BofA Increases Marvell Technology Price Target to $240 Amid Strong Growth Projections
BofA raises Marvell stock price target to $240 on compute growth
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BofA Securities has raised its price target for Marvell Technology Inc. to $240, citing robust growth in compute and data center segments. The semiconductor company is projected to achieve significant revenue increases, with fiscal 2027 sales estimates rising to $11.5 billion.
- 01BofA raised Marvell's price target from $200 to $240 while maintaining a Buy rating.
- 02Marvell's revenue grew 42% year-over-year, reaching $8.19 billion, with fiscal 2027 sales estimates now at $11.5 billion.
- 03The company's pro forma earnings per share estimates for fiscal years 2027, 2028, and 2029 have been increased by 6%, 9%, and 29%, respectively.
- 04Marvell's data center business is expected to grow by 50% in fiscal year 2027 and 55% in fiscal year 2028.
- 05BofA's new price target reflects a 30 times fiscal 2029 price-to-earnings multiple.
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BofA Securities has raised its price target for Marvell Technology Inc. (NASDAQ:MRVL) to $240 from $200, maintaining a Buy rating. The stock is currently trading at $198.70, with a market capitalization of $173.75 billion. This adjustment follows Marvell's strong performance, including a 42% revenue growth over the past year, reaching $8.19 billion. The firm has increased its sales estimates for fiscal years 2027 and 2028 to $11.5 billion and $16.5 billion, respectively. BofA has also revised its pro forma earnings per share estimates upward for the next three fiscal years, projecting significant growth. Analysts are optimistic about Marvell's future, particularly in the data center segment, which is expected to see 50% growth in fiscal 2027 and 55% in fiscal 2028. Despite a high price-to-earnings ratio of 65.6, Marvell's PEG ratio of 0.16 indicates a favorable valuation relative to its growth potential. The new price target is based on a consistent 30 times fiscal 2029 price-to-earnings multiple.
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