Marvell Technology (MRVL) is rapidly expanding its AI compute pipeline, with 18 compute socket wins, including 2 new wins at emerging hyperscalers and broadening into adjacent areas like "XPU attach", BofA Securities said in a note emailed Wednesday.

The company raised its data center total addressable market forecast to $94 billion by 2028 from $75 billion previously, and this excludes high bandwidth memory, which was included earlier, according to the note.

"We estimate a conceptual EPS power of about $8 by 2028... nearly 60% above the $5 or so in current street consensus," BofA said.

The firm raised its price target on the company's stock to $90 from $80 and reiterated its buy rating.

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