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UBS's Timothy Arcuri raised their price target on Marvell Technology (NASDAQ: MRVL) by 17.9% from $195 to $230 on 2026/05/29. The analyst maintained their Strong Buy rating on the stock.

Marvell Technology reported its Q1 2027 earnings.

Raising their price target, Arcuri called the quarter's beat/raise "solid."

Looking ahead and regarding management's guidance, the analyst said that "there appears to be gas left in the tank" because:

• Microsoft Maia not fully priced in.
• There is potential for additional Google engagement.
• Management's macro assumption on cloud Capex are conservative.
• Marvell Technology's networking and optical portfolio is uniquely differentiated, offering a path for further upside as demand builds.

Earnings Report

For Q1 2027, Marvell Technology reported:

• EPS of $0.80, which met the Zacks Consensus Estimate and beat Q1 2026's $0.62.
• Revenue of $2.42B, which beat the Zacks Consensus Estimate by 0.59% and Q1 2026's $1.9B.

Management guided:

For Q2 2027:

• EPS of $0.88 to $0.98.
• Revenue of $2.565B to $2.835B.

For FY 2027:

• Revenue of $11.5B.

For FY 2028:

• Revenue of $16.5.

Chairman & CEO Matt Murphy commented: “Marvell delivered record first-quarter fiscal 2027 revenue of $2.418 billion, up 28% year-over-year, and guided second-quarter revenue to $2.7 billion at the mid-point, representing 35% year-over-year growth.

"We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business.

“We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter.

"This improved outlook is being driven by strong demand across a broad set of Marvell solutions, including 800G and 1.6T scale-out optics, 51.2T Ethernet scale-out switches, scale-up optical solutions for NPO and CPO applications, scale-across datacenter interconnect modules, and custom XPU and XPU-attach solutions.”