Marvell Technology (MRVL) delivered fiscal Q1 results and guidance that were broadly in line with expectations, showing consistency rather than upside surprise, Deutsche Bank said in a Friday note.
The firm noted strong growth across key subsegments, including custom silicon and connectivity, and expects further detail on Marvell's growth conviction at its June 17 "Future of Custom Silicon" webinar.
Management reiterated confidence in multi-generation XPU ramps at its two primary customers and its expectations for continued growth at its initial customer in fiscal 2026 and 2027, aiming to address concerns about share loss to a Taiwan-based competitor.
Deutsche Bank said it remains confident in Marvell's ability to capitalize on the growing AI processing and connectivity market to drive revenue growth and margin expansion, which it believes is not fully reflected in the stock's current valuation.
Deutsche Bank maintained the company's stock rating at buy and trimmed the price target to $85 from $100.
Price: 59.75, Change: -3.98, Percent Change: -6.25
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