Most chip stocks that triple in a year leave little on the table. Bank of America says Marvell Technology Inc. (NASDAQ:MRVL) is the exception.
The company’s shares have climbed about 233% in 2026. They went from $84.98 at the end of last year to around $283 on Wednesday.
After Tuesday’s investor day, Bank of America’s analyst Vivek Arya kept his Buy rating and raised his price target to $400 from $365.
That points to about 41% more upside from here.So what did Arya see that the market hasn’t priced in yet?
A Revenue Target Almost Twice Wall Street’s
The answer starts with one number: $80 billion in annual revenue by fiscal 2031. Before the event, the average Wall Street forecast for that year was about $43 billion.
Arya said management presented “a compelling multi-year growth outlook.” He highlighted Marvell’s mix of networking, optics, storage and custom-chip technology.
Marvell now puts its addressable market, the total spending it can realistically compete for, at $400 billion by 2030. That’s about four times the $104 billion it had projected for 2028.
Custom chips are the largest slice, at $30 billion in sales from a $235 billion market. Interconnect, the optical and electrical links that move data between AI chips, adds $37.5 billion from $65 billion. Switching and storage bring $10 billion, and communications add $2.5 billion.
Altogether, Marvell would be capturing about 20% of everything it targets.
The company also raised its nearer-term goal. It now expects fiscal 2028 revenue near $20 billion, 10% above its previous target.
Why Bank of America Sees $32 In Earnings Power
Bank of America estimates the new plan could deliver more than $32 in adjusted earnings per share by 2030. The consensus is near $18.
For context, the bank expects $4.19 for the current fiscal year. For fiscal 2028 it now expects $7.59, up 15% from its previous forecast.
The new $400 target values the stock at 36 times earnings, up from about 33 times. BofA notes that’s still within Marvell’s historical range of 14 to 53 times.
The Google Factor
Arya says Alphabet Inc. (NASDAQ:GOOGL) could add more upside.
On July 29, Marvell gave Google warrants to buy up to 59 million shares at $206.58 each.
They vest in tranches: one for every $500 million of qualifying revenue, up to $120 billion through January 2033.
Put simply, the more Google buys from Marvell, the more Marvell stock it can claim. Arya assumes about 12% of the warrants vest by 2030.
Arya also sees room above Marvell’s $15 billion target for “XPU attach” by 2030.
These are the networking and memory parts sold alongside AI accelerators, and the upside depends on Google’s Tensor Processing Unit volumes climbing toward 15 million to 20 million units.
What Wall Street Says…
At least 11 firms raised their targets on MRVL stock on Wednesday, according to Benzinga Analyst Ratings.
Evercore ISI was the most bullish at $433.
Not everyone agrees. Morgan Stanley raised its target to $300 but kept an Equal-Weight rating, which means it expects the stock to perform in line with the market.
Its $300 target is close to where the stock trades now.
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