Marvell Technology raises revenue guidance on AI demand

Marvell Technology has significantly revised its long-term revenue outlook following an Investor Day event. The company now projects fiscal 2028 revenue of approximately $20 billion, an increase from its previous $18 billion target. Looking further ahead, Marvell set a fiscal 2031 revenue goal ranging between $70 billion and $90 billion, citing strong demand for AI data centers as the primary driver. The company estimates its total addressable market for AI will reach approximately $400 billion by 2030.

Following these announcements, Evercore ISI raised its price target for Marvell to $433 from $155, maintaining an Outperform rating. HSBC had previously raised its target to $450. Marvell shares saw an intraday increase of roughly 7% to 10% in response to the guidance. While the growth targets are ambitious, analysts noted that the fiscal 2031 projections remain subject to risks regarding the pace of AI infrastructure spending and competition.