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Marvell Technology cleared the earnings bar analysts set for it, yet Wall Street remains split between taking a neutral versus bullish stance on the semiconductor stock. Marvell earned 76 cents per share on $2.08 billion in sales for its fiscal third quarter. Analysts polled by LSEG had forecast earnings of 73 cents per share and revenue of $2.07 billion. The company said on its earnings call that it expects data center revenue to rise 25% next year. It estimates current-quarter revenue to come in at $2.2 billion, exceeding LSEG’s forecast of $2.18 billion. Marvell also announced that it will acquire Celestial AI for at least $3.25 billion and could rise to $5.5 billion if Celestial hits certain revenue milestones. Shares of Marvell rose 9% in Wednesday’s premarket session. The stock is down 16% on the year. MRVL 5D mountain MRVL 5D chart Overall, analysts across Wall Street remained divided between adopting a bullish versus neutral stance toward Marvell’s future, with most hiking their price targets. Here’s what analysts at some of the biggest sell-side shops had to say on the report. Goldman Sachs: neutral rating, $90 price target The bank’s $90 price target, up from $80, implies about 3% downside from Marvell’s Tuesday close. “We remain Neutral on the stock as visibility into the expansion of Marvell’s custom silicon customer base (and volume expansion with existing customers) remains relatively low in the long run. We could be more constructive on the stock if we gain incremental confidence in the company’s custom compute revenue ramp in CY27 and beyond.” Wells Fargo: overweight, $90 “We view MRVL as more of an idiosyncratic chip company, one that outperforms the overall chip industry growth rate in good and bad times. We believe MRVL is in a position to grow revenue at a 15-20% pace over the long term. In addition to this superior revenue growth, we see an opportunity to build on leading operating margins as the company grows in scale.” Barclays: equal weight, $105 Analyst Tom O’Malley’s new target, raised from $80, corresponds to upside of around 13%. “After a long period of uncertainty, the company lifted the veil on a FY27/28 guide well ahead of expectations … We are EW as the companies core business growth and ASIC expansion is largely baked into the stock and we wait for 2H CY26 for the business inflection.” Bank of America: neutral, $105 Analyst Vivek Arya lifted his price target from $88 per share. “Very confident tone and sales visibility on the call but we reiterate Neutral since: 1) FY27/CY26E EPS relatively unchanged given expected (~19c or mid-single digit % of EPS) dilution from planned Celestial AI acquisition, 2) The 25%+ YoY data center growth rate next year is strong yet below the 50%-100% YoY growth rate for AI compute peers, and 3) FY28E/CY27E growth depends on ramp at new customer Microsoft who does not have a history of large internal ASIC programs, and who already has choice of incumbent NVDA and partner OpenAI/AVGO design IP.” Morgan Stanley: equal-weight, $112 Morgan Stanley’s target, up from $86, calls for 21% upside going forward. “Marvell seems to be past the expectations reset on its ASIC business, posting solid October results and indicating material strength for the next 2 years. AI semis are strong everywhere, and MRVL is in the winners group, but we stay EW.” Deutsche Bank: buy, $125 Analyst Ross Seymore’s forecast, lifted from $90, is 35% above Marvell’s Tuesday closing price. “Overall, MRVL expressed increased optimism on nearly every aspect of its DC/AI businesses and provided reassuring details to its expected growth over the next few years. While qtr-to-qtr volatility is likely to persist in the naturally concentrated DC/AI markets, we continue to believe MRVL can deliver strong long-term growth that should lead to potential upside in its shares.” JPMorgan: overweight, $130 JPMorgan’s new target, up from $120, equates to 40% upside. “Overall, we see a solid setup for the company, driven by the continued recovery in its cyclical businesses and sustained AI growth tailwinds. We increase our forward estimates, and raise our Dec-26 PT to $130 (from prior $120).”
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