UBS reiterates Buy on Marvell stock, keeps $310 price target

UBS has reaffirmed its "Buy" rating on Marvell Technology Inc. (NASDAQ: MRVL) and kept its price target at $310.00. The investment firm pointed out that Marvell exceeded expectations with its recent earnings release, although the results met rather than surpassed what investors had anticipated. The company raised its revenue forecasts for fiscal years 2027 and 2028, with increases of about $0.5 billion and $1.5 billion, respectively.

These projections were driven by stronger performance in interconnect and optical products, improved confidence in custom ASIC programs, and steady growth in switching products. Marvell's revenue growth over the past year has been impressive at 31%. However, InvestingPro analysis suggests the stock is currently overvalued compared to its fair value.

The company's positive outlook on Google's warrant programs, which are expected to impact the financial outlook starting in fiscal years 2027 and 2028, was discussed during the October 6 Analyst Day.