Marvell Jumps as Investor Day Lifts FY28 Revenue Target to $20 Billion, Sets FY31 Goal

Marvell Technology (MRVL) shares vaulted as much as 11% to $301.06 on Oct. 6 as CEO Matt Murphy and his team opened the company's Investor Day in New York with an AI and data-center roadmap. The stock had first erased a premarket drop and then extended its rally to its highest level since June 30, before paring gains to about $288.78, up 6.5%, in late-morning trading.

The new numbers sat beyond the current year. Marvell raised its fiscal 2028 revenue target to about $20 billion, up from the roughly $18 billion it had pointed to before, and introduced a fiscal 2031 target of $70 billion to $90 billion, framed against an AI addressable market it puts at about $400 billion by 2030, according to Investing.com and asktraders coverage of the event. The fiscal 2027 outlook of roughly $12 billion was already known from the August earnings call, when Marvell guided fiscal third-quarter adjusted gross margin to 57.5% to 58.5%, a reminder that custom chips carry lower margins than the rest of the portfolio.

The rally adds to a year-to-date gain of roughly 221%. Zacks notes that fiscal 2027 revenue is expected to rise 45% with data-center revenue up 60%, but flags a price-to-sales multiple of 14.85x against an industry average of 5.25x, plus customer concentration and geopolitical risk, and rates the stock a Hold. The stock now trades close to the $293.88 average of 43 analyst price targets in SentiSense consensus data, inside a range of $210 to $450.

What to watch: whether analysts raise targets to reflect the fiscal 2031 framework, how much of the long-range growth depends on a handful of hyperscaler customers, and whether margin dilution from custom silicon offsets the revenue scale-up.