Marvell Technology Uptick to Medium Term Guidance

Marvell Technology reported 1Q26 results in line with expectations but significantly raised its medium-term guidance for FY27 and FY28. The company now projects a $10bn custom silicon opportunity by 2028, leading Goldman Sachs to raise its price target to $180 while maintaining a Neutral rating.

Key Takeaways

• 1.Marvell increased its medium-term revenue guidance for FY27 to $11.5bn and FY28 to $16.5bn, primarily driven by strong Data Center visibility.
• 2.Management identified a massive $10bn potential revenue opportunity specifically in custom silicon by 2028.
• 3.The 2Q26 revenue guidance of $2.70bn was above consensus expectations, signaling continued AI-driven momentum.

Table of Contents

• Key stock takeaways
• Quarterly results were in line with the Street
• Growing scale up, scale out and scale across networking opportunity
• 2Q revenue guidance is above the Street
• Estimate changes
• Price target and risks
• Disclosure Appendix

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