Weekly Muse-ings: Previewing MRVL into Earnings (Raising Price Target to $190)

Research evidence excerpt

Weekly Muse-ings: Previewing MRVL into Earnings (Raising Price Target to $190)

Semiconductors & Semiconductor

Equipment

EQUITY RESEARCH Weekly Muse-ings: Previewing MRVL into Earnings May 23, 2026

(Raising Price Target to $190) Companies mentioned

Ticker Price Rating Target

Semiconductor stocks outperformed the S&P this week (SOX +6% vs. S&P MRVL $196.33 Neutral $190.00

Prev - - $120.00 500 +1%), bringing the SOX to +73% YTD. We previewed Semi/Semi Cap

Prices are as of 05/22/26. Earnings earlier this earnings cycle, highlighting a vision for a return to "Risk

On" this earnings cycle, driving outperformance for Semis, with rank order Research Analysts:

of outperformance being Memory, then Compute, and then SPE. Our Top C.J. Muse

212-915-1935 Picks are MU & SNDK in Memory, WDC & STX in Storage, NVDA, AVGO, &

CJ.Muse@cantor.com AMD in AI Compute, and ASML, AMAT, LRCX, KLAC, TER, & MKSI in Semi

Matthew Prisco Cap.

212-610-2416

Matthew.Prisco@cantor.com Potential Catalysts: Earnings continue with covered company MRVL

Jamison Phillips-Crone, CFA reporting this week. Other key reports include AMBA, SMTC, and SNPS. We

720-320-9242 will also be hosting events with mgmt. teams from AMAT and TXN. We hope

jamison.phillips-crone@cantor.com you enjoy the long weekend as we honor those that made the ultimate

Nick Monroe sacrifice. 212-829-5456

Nick.Monroe@cantor.com MRVL - Beat/Raise Led by Optical, with All Eyes on Data Center Growth

into CY27/28: We look for MRVL to report a modest beat for April Q

results, followed by a modest raise for July Q guidance with upside led by

Data Center. We see particular strength in Optics and Switching, coupled

with sustained growth in Custom Silicon. With positive commentary this