Marvell Lifts 2028 Revenue Target to $20 Billion as Analysts Rush to Raise Price Targets

Marvell raised its fiscal 2028 revenue outlook to about $20 billion and set a fiscal 2031 target of $70–90 billion, as TD Cowen and Susquehanna lifted price targets.

Marvell Technology has given Wall Street a bigger number to work with, and analysts have responded in kind. At its investor day, the chipmaker raised its revenue outlook for fiscal 2028 from roughly $18 billion to about $20 billion — a forecast that, according to Reuters, came in ahead of market expectations. The long-range picture is bolder still: management pointed to fiscal 2031 revenue of between $70 billion and $90 billion.

The engine behind those figures is custom silicon for data centers. Marvell now aims for more than $12 billion in custom chip revenue by fiscal 2029, up from a prior target of more than $10 billion. As cloud providers keep expanding their infrastructure, bespoke chips tuned to specific AI workloads are steadily displacing standardized processors, and Marvell is staking out a position as a supplier of the high-speed connections that hold those systems together.

Two Analysts, One Direction

The revised targets landed alongside a wave of bullish revisions. TD Cowen upgraded the stock from Hold to Buy on Wednesday, with analyst Sean O'Loughlin lifting his price target from $245 to $350. His rationale: stronger growth momentum in connectivity and reduced concentration and margin risks in the custom compute programs. Susquehanna followed the same day, raising its target from $265 to $340 while keeping a "Positive" rating. Both firms cited the investor day as the catalyst.

San Jose Showcase

Attention now turns to the OCP Global Summit, running October 12–15 in San Jose, where Marvell will unveil new solutions for AI data centers. Switching, optical interconnects, and memory and storage technologies form the core of the presentation, supplemented by 14 technical sessions. No financial guidance or new order figures are attached to the event — the emphasis is on demonstrating how switching and connectivity technology fit into the next phase of AI buildout, where the smooth interaction of a highly complex overall system matters as much as raw compute power.

Dividend Date and a Form 144 Filing

Investors also have a housekeeping item on the calendar. Friday, October 9, is the record date for Marvell's quarterly dividend of $0.06 per share, payable to eligible shareholders on October 29.

On the insider front, the company filed a Form 144 on Thursday covering a planned sale of 1,100 shares by Justin Scarpulla. The filing is a pre-notification, not a completed transaction, and its modest size makes it a footnote rather than a signal.

Price Check

Rising oil prices and bond yields weighed on the technology sector, with no Marvell-specific trigger behind the pressure. Even so, the stock's run remains striking. The shares changed hands at EUR 244.80 on European trading venues, roughly 15% below their 52-week high of EUR 290.35, and have gained 236% since the start of the year.