Key Takeaways
- Marvell’s fiscal Q2 FY27 results will be released Thursday, August 27, after market close
- Google secured a warrant allowing purchases of up to $12.19 billion in Marvell shares linked to a custom chip agreement
- Analysts project the Google collaboration could deliver as much as $120 billion in total revenue across six years
- Wells Fargo boosted its target price to $310 from $240 while maintaining its Buy recommendation
- Analyst consensus stands at Strong Buy with a mean target of $287.50, suggesting 25% potential upside
Marvell Technology (MRVL) approaches Thursday’s quarterly report with considerable momentum behind it. Shares have surged 168% since the start of the year and 213% over the trailing twelve months. Such impressive gains mean investor expectations are running high, and according to analysts, this week’s narrative centers less on the quarterly figures and more on the strategic Google partnership.
Marvell Technology, Inc., MRVL
Just last week, Marvell disclosed that Alphabet’s Google obtained a warrant enabling the purchase of as many as 58.97 million Marvell shares priced at $206.58 each. This translates to a potential $12.19 billion equity position. The warrant stems from a commercial arrangement focused on designing Google’s proprietary chips, particularly its tensor processing units (TPUs).
Following this news, MRVL stock advanced 6.8% during the week. However, by Monday’s close, shares retreated 3.8% to $228.03 amid broader weakness across semiconductor equities.
Analysts are forecasting Q2 FY27 earnings per share of $0.93, representing 39% growth year-over-year, while revenue is anticipated to climb approximately 35% to reach $2.72 billion.
Wall Street Emphasizes Google Partnership
Benchmark’s Cody Acree indicated that the Google collaboration will likely dominate investor conversations when Marvell unveils its results. He anticipates Marvell will initially focus on inference accelerators along with TPU-connected memory, networking, and storage solutions, with opportunities to expand its involvement over time. Acree maintained his Buy rating with a $275 target.
B. Riley’s Craig Ellis noted that this partnership enhances Marvell’s hyperscale customer diversification while extending its revenue growth trajectory. His assessment: MRVL has moved from being an outsider to becoming a key player.
Stifel’s research team calculated that this commercial arrangement could yield approximately $120 billion in aggregate revenue for Marvell over a span exceeding six years.
Wells Fargo’s Aaron Rakers, who ranks No. 8 among over 12,400 analysts monitored by TipRanks, elevated his price objective to $310 from $240 while reaffirming his Buy stance. He projects an additional $2 per share in earnings by FY29 stemming from this deal, based on roughly $80 billion in cumulative Google-related revenue through FY33. Should Marvell secure the complete $120 billion opportunity, Rakers envisions a scenario reaching $28-$30 EPS by FY33.
Guidance and Upcoming Investor Day Under Scrutiny
J.P. Morgan’s Harlan Sur suggested investors will pay close attention to management’s outlook for the October quarter, anticipating “strong upside” relative to current projections. He also identified the CY2027 and CY2028 data center forecast as a critical focus area.
Rakers pointed to three additional catalysts beyond the Q2 report: the October 6 Investor Day event, Amazon Trainium deployment progress, and broadening customer engagements.
As the earnings announcement approaches, MRVL holds a Strong Buy consensus among Wall Street analysts, supported by 24 Buy recommendations and five Hold ratings.
The consensus price target stands at $287.50, implying roughly 25% appreciation from present levels. Notably, Marvell stock has gained 22% during August, marking its strongest monthly showing since June 2026.
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