Marvell Technology (MRVL) is poised for upside in Q4 and deliver a strong Q1 guidance driven by accelerating demand for its AI Application-Specific Integrated Circuits and networking, Oppenheimer said in a note Friday.

The company is expected to maintain service continuity with Amazon Web Services, with no projected gaps in calendar year 2026, and expects to add Microsoft (MSFT) as a customer to manufacture the Maia 200 AI accelerator chip in calendar year 2027.

The brokerage noted that the company's custom AI business aligns with surging capital expenditures from its top three cloud clients, Amazon's (AMZN) AWS, Meta (META), and Google (GOOG, GOOGL).

Marvell Technology is poised to further benefit in calendar year 2028 as as $8 billion project wins from H2 2025 translate into revenue, the firm said.

Marvell Technology is scheduled to release its Q4 financial results on Thursday.

Oppenheimer reiterated its outperform rating and $150 price target on the stock.

Price: 80.87, Change: +1.58, Percent Change: +1.99