Rosenblatt Securities raised its price target on Marvell Technology Inc. (NASDAQ:MRVL) to $300 from $240 while maintaining a Buy rating as analyst Sajal Dogra assumes coverage of the semiconductor company.
The firm expects Marvell to report strong second-quarter results Thursday after the market close, driven by sequential growth of more than 25% in optical interconnects. The company’s custom-silicon ramps in fiscal years 2028 and 2029 include Microsoft Maia, AWS Trainium and an expanded Google relationship.
Rosenblatt does not expect management to revise its previously stated fiscal 2028 and 2029 interconnect and custom framework, anticipating the company will save updates for an investor day in early October. The firm’s earnings framework suggests approximately $10.50 of fiscal 2029 earnings power.
