This article first appeared on GuruFocus.
Marvell Technology (MRVL) raised its financial ambitions for the next several years, prompting several Wall Street firms to boost their price targets following the chipmaker's investor day, according to a Wednesday investor-day presentation.
The company now expects fiscal 2028 revenue of $20 billion, up from its earlier $18 billion forecast. That also exceeds the $18.2 billion consensus estimate. Marvell projects customer revenue will rise at least 200% in fiscal 2029.
Its longer-range outlook calls for between $70 billion and $90 billion in revenue by fiscal 2031. Management also sees earnings reaching at least $30 per share by then, compared with Citi's estimate of about $20.
Needham raised its price target to $400 from $300 while keeping a Buy rating. Morgan Stanley moved its target to $300 from $268 but retained an Equal-Weight rating, while Citi kept its $275 target and Buy view.
The updated outlook is tied to demand for Marvell's custom silicon and data-center interconnect products. The company cited design activity involving Google, Amazon, Microsoft and Meta.
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