TD Cowen analyst Joshua Buchalter maintained a Hold rating on Marvell yesterday and set a price target of $100.00.
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Joshua Buchalter has given his Hold rating due to a combination of factors influencing Marvell’s current and future performance. While there is a strong signal of confidence in Marvell’s datacenter and custom growth, the near-term upside appears limited. This is despite the company’s positive outlook for fiscal year 2026 and the anticipated doubling of custom silicon by fiscal year 2028, bolstered by the acquisition of Celestial AI.
Although Marvell’s recent performance slightly exceeded expectations, particularly with the next-generation XPU and increased datacenter growth projections, the overall upside was less than anticipated. The company’s future growth is heavily tied to an unproven ramp at Microsoft, which presents forecasting challenges due to its customer-concentrated nature. Despite these challenges, Marvell’s strategic moves, including the acquisition of Celestial AI, position it well in the rapidly growing networking silicon market, yet the need to prove these growth prospects justifies the Hold rating.
In another report released on December 1, Morgan Stanley also maintained a Hold rating on the stock with a $86.00 price target.