Piper Sandler raised the firm’s price target on Marvell (MRVL) to $135 from $85 and keeps an Overweight rating on the shares. The firm notes the company delivered a power punch on its earnings call, not only guiding for the quarter but also providing vivid color on FY27 and FY28 potential. Marvell noted that it has visibility and orders backing up some of the guidance provided for the out-years. Piper believes the commentary from the call should alleviate a lot of concerns revolving around design wins and ramps at Marvell’s major HPC customers for custom XPUs.
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