Rosenblatt Reiterates Buy Rating on Marvell, Expects Earnings Beat

Rosenblatt analysts reaffirmed a Buy rating and a $120 price target for Marvell Technology (NASDAQ:MRVL), citing strong expectations ahead of its fiscal third-quarter 2025 earnings report on December 3.

The analysts projected Marvell to exceed both revenue and non-GAAP earnings per share (EPS) estimates for the October quarter. Consensus expectations stood at $1.46 billion in revenue and $0.41 in EPS, while Rosenblatt’s estimates aligned closely at $1.45 billion in revenue and $0.40 in EPS. For the January quarter, the analysts forecast revenues of $1.60 billion, slightly below the $1.65 billion Street consensus, and EPS of $0.51 compared to the $0.52 consensus.

Key growth drivers included sustained AI momentum, particularly in data center ASICs, networking, and electro-optics, as well as a rebound in enterprise networking, storage, and carrier infrastructure segments. The analysts noted that Marvell's recently revised AI sales targets of $1.5 billion for fiscal 2025 and $2.5 billion for 2026 could lean toward the higher end, given the company's increasing custom ASIC design win pipeline spanning multiple generations. This trend underscored Marvell’s growing market share within the AI total addressable market (TAM).