Evercore ISI raises Marvell price target to $433 after Investor Day
The firm kept its Outperform rating after Marvell lifted its long-term revenue guidance on surging AI data center demand
Evercore ISI has raised its price target on Marvell Technology (MRVL) to $433, up from $155, and kept its Outperform rating on the stock.
That something was Marvell’s Investor Day on October 6, 2026. Management used the event to rewrite its long-term revenue outlook, and the new numbers were large enough to send analysts back to their spreadsheets.
What Marvell told investors
The headline revision came in fiscal 2028. Marvell now expects revenue of approximately $20 billion that year, up from a previous target of $18 billion. That figure also came in ahead of broader market estimates.
Then came the bigger swing. Marvell set a fiscal 2031 revenue goal of $70 billion to $90 billion.
The driver, according to Marvell, is AI data center demand. The company pegs its AI total addressable market at approximately $400 billion by 2030.
Marvell also pointed to momentum it can already show. Its data center revenue reportedly grew about 46% year-over-year in one of its recent quarters.
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Investors liked what they heard. Marvell shares jumped roughly 7% to 10% intraday after the announcements.
Wall Street piles on
Evercore ISI was not alone in raising the bar. HSBC lifted its price target on Marvell to $450 on October 2, 2026, a few days before the Investor Day event. That timing is worth noting. HSBC placed its bet ahead of the guidance update, while Evercore waited for management’s numbers and then made a much larger jump from its prior target.
Morgan Stanley has also adjusted its price target on the stock.
What this means for investors
But the risks deserve equal billing. The fiscal 2031 range is wide, with a $20 billion gap between the low and high ends.
Those targets also depend heavily on one theme. If AI infrastructure spending slows, gets delayed or shifts toward competitors, the path from roughly $20 billion to $70 billion or more gets much steeper.
What to watch next is execution. The fiscal 2028 target of approximately $20 billion is the nearer milestone and the more testable one.
Investors should also keep an eye on whether data center growth holds near the reported 46% pace. That metric is the clearest real-time read on whether the AI demand Marvell is describing continues to materialize.