Evercore Trims Marvell (MRVL) Price Target, Maintains Outperform Rating

Evercore ISI has slightly lowered its price target on Marvell Technology, Inc. (NASDAQ:MRVL) to $133 from $135 while maintaining an Outperform rating, following the company’s strong April quarter results.

Analyst Mark Lipacis described the quarter as a “beat and raise,” and expressed continued confidence in Marvell’s long-term positioning. The firm pointed to Marvell’s reaffirmation of its multi-generational partnerships with two major XPU customers—widely believed to be Amazon and Microsoft—as a sign of sustained demand and strategic alignment in the AI infrastructure space.

An assembly line in a semiconductor factory, with workers at their stations.

Despite the minor target cut, Evercore remains optimistic about the stock’s trajectory. Lipacis highlighted that, among AI-related names under the firm’s coverage, Marvell stands out for offering the lowest price-to-earnings ratio while delivering the highest earnings per share growth.

That dynamic, according to Lipacis, makes Marvell Technology, Inc. (NASDAQ:MRVL) one of the more attractive risk/reward opportunities in the current market. He sees the stock as well-positioned for investors looking to gain exposure to AI growth without paying the premium seen in some of its peers.

The analyst’s updated view reflects near-term valuation adjustments but leaves the broader thesis intact. As Marvell continues to scale its custom silicon and data infrastructure offerings, Evercore expects its momentum with hyperscale customers to remain a core driver of earnings expansion through the coming quarters.

While we acknowledge the potential of MRVL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MRVL and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.