Marvell Technology 1Q Preview

Goldman Sachs maintains a Neutral rating on Marvell (MRVL) with a raised $125 price target ahead of 1Q results, focusing on Datacenter upside and a rumored Google ASIC partnership.

Key Takeaways

• 1.Upside in Datacenter business is expected to be the primary focus, driven by higher hyperscaler CapEx and optical networking strength.
• 2.A potential new ASIC partnership with Google is a significant catalyst being monitored by investors.
• 3.Goldman Sachs raised its price target for MRVL from $100 to $125 despite a Neutral rating, citing higher peer multiples and estimate raises.

Table of Contents

• Key stock takeaways
• Setup heading into the print
• Our view on key metrics and our estimates
• Items on the call that could move the stock
• Coming out of the print
• Estimate changes
• Price Target Methodology and Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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