RBC Capital reiterates Marvell stock rating on AI growth outlook
RBC Capital has reconfirmed its Outperform rating and $360.00 price target for Marvell Technology (NASDAQ:MRVL) stock, which is currently trading at $252.21 with a market capitalization of $223 billion. The company anticipates a significant rise in AI revenue, expecting fiscal 2029 AI revenue to increase by at least $2 billion from the current $10 billion-plus forecast.
RBC Capital believes Marvell's management will emphasize scale-across and scale-up optical and switching opportunities. The firm projects higher operating margins, implying potential earnings per share of $15 to $20. Despite a slight increase in Microsoft's XPU contribution for fiscal 2028, RBC Capital maintains a bullish outlook, citing revenue growth potential exceeding 50% for the next two to three years.
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