Marvell Technology Group Ltd: Long-Term Outlook Raised on Broad AI Strength

研报英文原文证据摘录

Marvell Technology Group Ltd: Long-Term Outlook Raised on Broad AI Strength

Update

May 28, 2026 02:56 AM GMT

Morgan Stanley & Co. LLCMMarvell Technology Group Ltd | North America Joseph Moore

Equity Analyst

Long-Term Outlook Raised on Joseph.Moore@morganstanley.comElla Tulchinsky +1 212 761-7516

Research Associate

Ella.Tulchinsky@morganstanley.com +1 212 761-2222

Broad AI Strength Mason Wayne

What’s Changed Mason.Wayne@morganstanley.com +1 212 761-6012

Shane Brett

Marvell Technology Group Ltd (MRVL.O) From To Equity Analyst

Price Target $172.00 $195.00 Shane.Brett@morganstanley.com +1 212 761-1022

Nicole Kozhukhov

Reaction to earnings Nicole.Kozhukhov@morganstanley.com +1 212 761-1636

Unchanged In-line Modest revision higher

Marvell Technology Group Ltd (MRVL.O, MRVL US)

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Semiconductors | Bermuda

Source: Company data, Morgan Stanley Research Stock Rating Equal-weight

Industry View Attractive

The quarter itself was relatively in-line, but both the FY27 and PriceShr price,targetclose (May 27, 2026) $195.00$198.70

FY28 outlooks were raised meaningfully. AI interconnect Mkt cap, curr (mm) $177,265

52-Week Range $218.26-58.61

continues to show upside and confidence around the FY28 Fiscal Year Ending 01/26 01/27e 01/28e 01/29e

custom XPU ramp improved materially. EPS ($)** 2.85 3.98 5.93 8.28

Prior EPS ($)** - 3.82 5.16 6.52

P/E 36.8 66.0 39.9 27.2

Key Takeaways EPS ($)§ 2.83 3.84 5.50 7.27

Div yld (%) 0.3 0.1 0.1 0.1

MRVL materially raised FY27/FY28 outlooks, with data center now expected to

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

grow 50% in FY27 and accelerate to 55% next year framework

** = Based on consensus methodology