TD Cowen upgrades Marvell after bullish revenue outlook

TD Cowen upgraded Marvell Technology to a buy rating and lifted its price target to $350 from $245, citing about 22% upside. The upgrade follows Marvell’s raised revenue outlook to $20 billion for 2026, up from $18 billion, and a long‑term target of $70‑$90 billion. Analyst Sean O’Loughlin noted that the company’s growth drivers have shifted to its strong connectivity franchise, while risks tied to custom microprocessor programs have been largely de‑risked. Marvell’s shares have risen 238% year‑to‑date, far outpacing the broader market as AI‑related demand fuels demand for its hardware. The firm said it is well positioned to capitalize on AI tailwinds across scaling domains—out, up, across, and in—thanks to its industry‑leading connectivity IP. Although the revenue targets appear ambitious, O’Loughlin said they are achievable, given expectations of a slowdown in hyperscale capex and AI infrastructure spending. Consensus remains bullish, with 41 of 45 analysts tracked by LSEG rating the stock a buy or strong buy.

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